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2017-02-14 Agenda with Backup
Tuesday, February 14, 2017 City of Denton Meeting Agenda City Council 2:00 PM City Hall 215 E. McKinney St. Denton, Texas 76201 www.cityofdenton.com Work Session Room After determining that a quorum is present, the City Council of the City of Denton, Texas will convene in a 2nd Tuesday Session on Tuesday, February 14, 2017 at 2:00 p.m. in the Council Work Session Room at City Hall, 215 E. McKinney Street, Denton, Texas at which the following items will be considered: 1. Work Session Reports A. ID 17-165 Receive a report, hold a discussion, and give staff direction regarding the Texas Municipal Retirement System and the Denton Firemen's Relief and Retirement Fund. Attachments: Exhibit 1 - TMRS Actuarial Valuation December 31, 2015 Exhibit 2 - DFRRF Actuarial Valuation December 31, 2015 Exhibit 3 - Informal Staff Report 2016-059 B. ID 17-166 Receive a report, hold a discussion, and give staff direction regarding the vacation and sick leave benefits for City of Denton employees. Attachments: Exhibit 1- Informal Staff Report Exhibit 2 - Presentation Exhibit 3- Vacation and Sick Leave Comparison C. ID 17-215 Receive a report, hold a discussion, and give staff direction regarding potential polling locations for the May 6, 2017 election. Attachments: Exhibit 1 - Map of County Voting Precincts 2. Concluding Items A. Under Section 551.042 of the Texas Open Meetings Act, respond to inquiries from the City Council or the public with specific factual information or recitation of policy, or accept a proposal to place the matter on the agenda for an upcoming meeting AND Under Section 551.0415 of the Texas Open Meetings Act, provide reports about items of community interest regarding which no action will be taken, to include: expressions of thanks, congratulations, or condolence; information regarding holiday schedules; an honorary or salutary recognition of a public official, public employee, or other citizen; a reminder about an upcoming event organized or sponsored by the governing body; information regarding a social, ceremonial, or community event organized or sponsored by an entity other than the governing body that was attended or is scheduled to be attended by a member of the governing body or an official or employee of the municipality; or an announcement involving an imminent threat to the public health and safety of people in the municipality that has arisen after the posting of the agenda. City ofDenton Page 1 Printed on 2/10/2017 City Council Meeting Agenda February 14, 2017 Following the completion of the Work Session, the City Council will convene in a Closed Meeting to consider specific items when these items are listed below under the Closed Meeting section of this agenda. The City Council reserves the right to adjourn into a Closed Meeting on any item on its Open Meeting agenda consistent with Chapter 551 of the Texas Government Code, as amended, or as otherwise allowed by law. A. ID 17-212 Deliberations regarding Personnel Matters - Under Texas Government Code Section 551.074; and Consultation with Attorneys - Under Texas Government Code Section 551.071. Review and discuss the evaluation and duties of the City Manager. The City Council also reserves the right to consult with the City's attorneys in a closed session under Texas Government Code Section 551.071 regarding legal issues associated with the above specified personnel matters involving the City Manager where public discussion associated with these legal matters would clearly conflict with the duty of the City's attorneys to the City of Denton and the Denton City Council under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas. CERTIFICATE I certify that the above notice of meeting was posted on the bulletin board at the City Hall of the City of Denton, Texas, on the day of , 2017 at o'clock (a.m.) (p.m.) CITY SECRETARY NOTE: THE CITY OF DENTON CITY COUNCIL WORK SESSION ROOM IS ACCESSIBLE IN ACCORDANCE WITH THE AMERICANS WITH DISABILITIES ACT. THE CITY WILL PROVIDE SIGN LANGUAGE INTERPRETERS FOR THE HEARING IMPAIRED IF REQUESTED AT LEAST 48 HOURS IN ADVANCE OF THE SCHEDULED MEETING. PLEASE CALL THE CITY SECRETARY'S OFFICE AT 349-8309 OR USE TELECOMMUNICATIONS DEVICES FOR THE DEAF (TDD) BY CALLING 1 -800 -RELAY -TX SO THAT A SIGN LANGUAGE INTERPRETER CAN BE SCHEDULED THROUGH THE CITY SECRETARY'S OFFICE. City ofDenton Page 2 Printed on 211012017 City Hall City of Denton 215 E. McKinney St. - Denton, Texas 76201 www.cityofdenton.com , DENTON File #: ID 17-165, Version: 1 Legislation Text Agenda Information Sheet DEPARTMENT: City Manager's Office CM/ ACM: Bryan Langley Date: February 14, 2017 SUBJECT Receive a report, hold a discussion, and give staff direction regarding the Texas Municipal Retirement System and the Denton Firemen's Relief and Retirement Fund. BACKGROUND The City Council has requested a briefing on the overall status of the City's pension plans. Therefore, the purpose of this discussion in to provide the City Council with an overview of the funded status and funding progress for the Texas Municipal Retirement System (TMRS) and the Denton Firemen's Relief and Retirement Fund (DFRRF). The City of Denton participates in two separate pension plans. The DFRRF covers firefighters in the Denton Fire Department. The TMRS plan covers all other City of Denton employees with the exception of temporary positions. TMRS Overview: TMRS was created in 1947 by the Texas Legislature. TMRS is a hybrid of a defined benefit and defined contribution plan. Under this approach, contributions are defined until the date of retirement. Upon retirement, the value of these contributions and investment earnings define the benefits for the retiree (also known as a cash balance plan). In this way, the unfunded liabilities associated with many defined benefit plans are minimized. While TMRS is a state-wide retirement system, the plan does not receive any state funding. Rather, all funding associated with TMRS is provided by employers, employees, and investment earnings of the system. Further, individual cities determine the level of benefits that will be provided to their retirees. As of December 31, 2015, the TMRS system had 866 cities that participate in the plan. Collectively, these cities have 106,894 active members and 56,481 retirement accounts. Specific information for the City of Denton's TMRS plan is provided in 2015 Actuarial Report which is included as Exhibit 1. DFRRF Overview: The Denton Firemen's Relief and Retirement Fund (DFRRF) covers firefighters in the Denton Fire City of Denton Page 1 of 2 Printed on 2/10/2017 povveied by I_egivt9i IN File #: ID 17-165, Version: 1 Department, and the Board of Trustees is the administrator of pension plan. The plan provides service, death, and disability benefits to members, and these benefits fully vest after 20 years of service. The normal service retirement benefit is equal to 2.59% of the highest 36 -month average salary for each year of service under the plan. As of December 31, 2015, the most recent biennial valuation, the plan served 176 active firefighters and 84 retirees or beneficiaries. Additionally, 2 inactive employees are entitled to benefits, but they are currently not yet receiving them. Specific information for the City of Denton's DFRRF plan is provided in 2015 Actuarial Report which is included as Exhibit 2. SUMMARY: Public pensions continue to receive a great deal of media scrutiny. Despite this attention, most public pension plans in Texas continue to be appropriately funded. In Denton's case, both the TMRS and DFRRF plans are well funded and managed responsibly. Going forward, the funding ratios for these plans are expected to improve, and a financially sustainable funding mechanism is in place. In 2016, staff prepared an Informal Staff Report on the status of Denton's pension plans, and this is included for reference as Exhibit 3. In Exhibit 4, a PowerPoint presentation is included which will be used to facilitate a high level discussion of each plan. STRATEGIC PLAN RELATIONSHIP The City of Denton's Strategic Plan is an action -oriented road map that will help the City achieve its vision. The foundation for the plan is the five long-term Key Focus Areas (KFA): Organizational Excellence; Public Infrastructure; Economic Development; Safe, Livable, and Family -Friendly Community; and Sustainability and Environmental Stewardship. While individual items may support multiple KFAs, this specific City Council agenda item contributes most directly to the following KFA and goal: Related Key Focus Area: Organizational Excellence Related Goal: 1.1 Manage financial resources in a responsible manner EXHIBITS: Exhibit 1: 2015 Actuarial Report - TMRS Exhibit 2: 2015 Actuarial Report - DFRRF Exhibit 3: Informal Staff Report Exhibit 4: PowerPoint Presentation Respectfully submitted: Bryan Langley Assistant City Manager City of Denton Page 2 of 2 Printed on 2/10/2017 povveied by I_egist9i I;, C"'DC Gabriel Roeder Smith & Company "1\0 Consultants & Actuaries TEXAS Vii, RETIREMENT l y ACTUARIAL VALUATION REPORT AS OF DECEMBER 31, 2015 GRS May 20, 2016 Gabriel Roeder Smith & Company 5605 N. MacArthur Blvd. 469.524.0000 phone Consultants & Actuaries Suite 870 469.524.0003 fax Irving, TX 75038-2631 www.gabrielroeder.com Board of Trustees Texas Municipal Retirement System Austin, Texas Dear Members of the Board: Subject: Actuarial Valuation Report ("our Report") of the Texas Municipal Retirement System ("TMRS") as of December 31, 2015 This is the December 31, 2015 actuarial valuation of the Texas Municipal Retirement System ("TMRS" or the "System") which determines the contribution rates for the calendar year beginning January 1, 2017. This report describes the current actuarial condition of TMRS, determines recommended employer contribution rates, and analyzes changes in these contribution rates. The results presented herein may not be applicable for other purposes. This report reflects the benefit provisions and contribution rates in effect for each of the 866 separate employer plans participating in TMRS. Separate liabilities and contribution rates are determined for each of the member cities. Valuations are prepared annually as of December 31 ", the last day of the plan year. The employer contribution rates for the units participating in TMRS are certified annually by the Board of Trustees (the "Board"), which is the intended user of this report. These rates are determined actuarially, based on the plan provisions in effect as of the valuation date and the actuarial assumptions and methodology adopted by the Board. The Board's current policy is that the contribution rates determined by a given actuarial valuation become effective one (1) year after the valuation date. For example, the rates determined by this December 31, 2015 actuarial valuation will be applicable for the calendar year beginning January 1, 2017 and ending December 31, 2017. Financing objectives and funding policy The actuarial cost method and the amortization periods are set by Board policy. Contribution rates and liabilities are computed using the Entry Age Normal actuarial cost method. This method was adopted effective December 31, 2013. In TMRS, a city's actuarially determined contribution rate consists of two components: the employer normal cost contribution rate and the prior service contribution rate. Both rates are determined as a percentage of active member payroll. In addition, a supplemental death benefit rate is determined annually for each participating employer, if applicable. These supplemental death benefit rates are listed in Section 5 of our Report. Members of the Board May 20, 2016 Page 2 Progress toward realization of financing objectives The funded ratio (the ratio of the actuarial value of assets to the actuarial accrued liability) is a standard measure of a plan's funded status. Given the plan's contribution allocation procedure, if all actuarial assumptions are met (including the assumption of the plan earning 6.75% on the actuarial valuation of assets) and absent future benefit changes, it is expected that: 1. The employer normal cost as a percentage of payroll will remain level, 2. The unfunded actuarial accrued liability will be fully amortized after a maximum of 30 years for each city, and 3. The funded status of each city will converge gradually towards a 100% funded ratio. The funded ratio of TMRS as a whole is 85.8% and is unchanged from the prior valuation. However, prior to the recognition of the approximately $262 million increase in the accrued liability due to changes related to the experience study discussed on page 3, the funded ratio would have increased to 86.6%. This preliminary increase in the funded ratio from the prior valuation is due to liability gains primarily resulting from valuation salaries which increased less than assumed and the upcoming cost of living adjustment being smaller than assumed. These gains were partially offset by a loss due to an investment return of 6.69% on an actuarial value of assets basis being less than the assumed rate of 7.0% in effect for the prior valuation. (Please note that each city is responsible for its own assets and liabilities and will have its own funded ratio.) On a market value of assets basis, the funded ratio of TMRS as a whole is 83.5%. Unless otherwise indicated, each funded status measurement presented in this report is based upon the actuarial accrued liability and the actuarial value of assets. Unless otherwise indicated, with regards to any funded status measurements presented in this report: 1. The measurement is inappropriate for assessing the sufficiency of plan assets to cover the estimated cost of settling the plan's benefit obligations. 2. The measurement would produce a different result if the market value of assets were used instead of the actuarial value of assets. Benefit provisions and changes The benefit provisions reflected in this valuation are those which were in effect as of April 1, 2016. In addition to the 859 plans that are actively participating in TMRS, there are another seven (7) plans that are in inactive status. No new plan provisions occurred during 2015 that impacted the valuation results, other than individual changes adopted by the various municipalities. Of the 859 active cities, 581 (68%) have adopted annually repeating updated service credits. In addition, 459 (53%) of the cities have adopted annually repeating annuity increases. However, the larger participating employers have almost all adopted annually repeating benefits. Therefore, of the 106,894 actively contributing members, 87% are covered under an annually Members of the Board May 20, 2016 Page 3 repeating updated service credit benefit structure and 69% are covered under an annually repeating annuity increase structure. Seven municipalities began participation in the System during 2015. Exhibit VI in Section 1 of our Report shows these cities, the number of contributing members, total payroll, and the 2017 retirement rates. There were 48 cities which modified their pension benefit provisions since the prior valuation. Of these municipalities, 45 adopted changes which increased their Unfunded Actuarial Accrued Liability (UAAL), while 3 cities adopted changes which decreased their liabilities. A summary of these changes is provided in Section 7 of our Report, and the impact on each city's calculated retirement rate is shown in Section 3. The aggregate benefit changes and seven new cities increased the overall liability of the System by $36.5 million. Assumptions and methods All actuarial assumptions and methods are described under Section 6 of our Report. Except for healthy post-retirement mortality and the mortality assumption used to develop the Annuity Purchase Rates (APRs), the current actuarial assumptions were developed from the actuarial investigation of the experience of TMRS over the five year period from January 1, 2010 to December 31, 2014. These assumptions were adopted in 2015 and were first used in this valuation. Significant changes since the prior valuation include lowering the assumed inflation and nominal investment return, decreasing the termination and forfeiture rates, lowering assumed salary increases, and reducing assumed cost of living increases due to lower assumed inflation. Please see the Actuarial Experience Investigation Study report dated November 18, 2015 for a detailed discussion of the analysis and changes to assumptions. Healthy post-retirement mortality rates and the APRs used to annuitize members' account balances at retirement were updated based on the mortality experience investigation study dated December 31, 2013. In addition, in conjunction with these changes in 2013, the Board adopted a change in the actuarial cost method from Projected Unit Credit to Entry Age Normal and a one-time change to the amortization policy as described in Section 6 of this report. The results of the actuarial valuation are dependent on the actuarial assumptions used. Actual results can and almost certainly will differ, as actual experience deviates from the assumptions. Even seemingly minor changes in the assumptions can materially change the liabilities, calculated contribution rates and funding periods. The actuarial calculations presented in our Report are intended to provide information for rational decision making. The actuarial assumptions and methods used in our Report comply with the parameters for disclosure that appear in Governmental Accounting Standards Board Statement Number 67. Data The TMRS staff supplied data for retired, active and inactive members as of December 31, 2015. We did not audit this data, but we did apply a number of tests to the data, and we concluded that it was reasonable and consistent with the prior year's data. The TMRS staff also supplied asset ��•.•so I , Members of the Board May 20, 2016 Page 4 and financial information as of December 31, 2015. Actuarial Certification This report is a summary of the actuarial valuation results. Additional detailed results are provided in the TMRS Comprehensive Annual Financial Report (CAFR). All of our work conforms with generally accepted actuarial principles and practices, and with the Actuarial Standards of Practice issued by the Actuarial Standards Board. In our opinion, our calculations also comply with the requirements of the TMRS Act and, where applicable, the Internal Revenue Code and the Statements of the Governmental Accounting Standards Board. The undersigned are independent actuaries. They all are Members of the American Academy of Actuaries, meet all of the Qualification Standards of the American Academy of Actuaries, and are experienced in performing valuations for large public retirement systems. Respectfully submitted, Gabriel, Roeder, Smith & Company Mark R. Randall, MAAA, FCA, EA Chief Executive Officer )5-a-j� Brad Stewart, MAAA, ASA, EA Consultant Joseph P. Newton, MAAA, FSA, EA Senior Consultant ��•.•so I , Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Table of Contents Section 1 Executive Summary Table of Contents Section 2 2017 Contribution Rates, Including a Comparison with 2016 Rates Section 3 Reconciliation of Full Contribution Rates from Prior Valuation Report Section 4 Comparison of Expected City Contribution Dollar Amounts for 2016 and 2017 Section 5 Supplemental Death Rates Section 6 Summary of Actuarial Assumptions and Methods Section 7 Summary of Benefit Provisions Section 8 Individual City Reports GR SECTION1 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Executive Summary Pension Trust Section 1 Item 2015 2014 Membership • Member cities 866 859 • Number of - Active members 106,894 104,019 - Retirees and beneficiaries 56,481 53,455 - Inactive members 50,707 45,054 - Total 214,082 202,528 • Valuation Payroll (Projected next year) $ 5.851 billion $ 5.575 billion • Prior Year Payroll $ 5.684 billion $ 5.375 billion Minimum Contribution Rates FY 2017 FY 2016 • Straight average 8.79% 8.28% • Dollar weighted average 13.02% 12.60% Assets • Market value $ 23.708 billion $ 23.727 billion • Estimated yield on market value 0.1% 5.7% • Member contributions $ 376.1 million $ 355.4 million • Employer contributions 751.7 million 719.9 million • Benefit, refund, and expense payments 1,182.1 million 1,101.8 million • Net external cash flow (54.3) million (26.5) million Actuarial Information - Pension Trust • Actuarial accrued liability (AAL) $ 28.379 billion $ 26.647 billion • Unfunded actuarial accrued liability (UAAL) $ 4.031 billion $ 3.786 billion • UAAL as % of pay 70.9% 70.4% • Funded ratio 85.8% 85.8% • Employer normal cost % - Aggregate 8.41% 7.86% • Actuarially Determined Employer Contribution - Aggregate 13.24% 12.63% • Equivalent Single Amortization Period 20.6 years 20.9 years Number of Member Cities with: • Increase in Full Rate 699 202 • Decrease in Full Rate 135 615 • No change in Full Rate 18 26 • New cities 7 10 • Benefit changes (retirement only) 48 46 Changes in the UAAL • Interest $ 267.6 million $ 286.4 million • Amortization payments (273.9) million (286.4) million • Asset experience 71.1 million (96.3) million • Assumption/Methods changes 261.8 million 0.0 million • Liability experience (76.7) million (191.0) million • Benefit modifications/New Cities 36.5 million 64.1 million • Contributions different than actuarially calculated (41.7) million (17.5) million $ 244.7 million $ (240.7) million • Total G1 \V Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Executive Summary Supplemental Death Trust Section 1 Item 2015 2014 Membership (TMRS Active Cities) • Cities with only active coverage 3 3 - Number of members with active only coverage 449 418 • Cities with active and retiree coverage 740 740 - Number of members covered - Active members 70,838 68,973 - Retirees 25,819 24,569 - Inactive members 7 921 7 672 - Total 104,578 101,214 - Valuation Payroll (Projected next year) $ 3.848 billion $ 3.661 billion - Prior Year Payroll $ 3.708 billion $ 3.526 billion Average Contribution Rates For Participating Cities FY 2017 FY 2016 • Straight Average - Active coverage 0.16% 0.17% - Retiree coverage 0.05% 0.05% • Dollar Weighted Average - Active coverage 0.14% 0.14% - Retiree coverage 0.04% 0.04% Actuarial Information - OPEB Trust • Actuarial accrued liability (AAL) $ 154.7 million $ 145.4 million • Fund Value of Assets 21.1 million 22.7 million • Unfunded actuarial accrued liability (UAAL) $ 133.6 million $ 122.7 million • UAAL as % of pay 3.6% 3.5% • Funded ratio 13.6% 15.6% • Employer normal cost $ 6.4 million $ 6.0 million • GASB Annual Required Contribution $ $ 12.6 million $ 11.8 million • GASB Annual Required Contribution % of Payroll 0.33% 0.32% G1`J Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Section 1 Exhibit I Summary of Systemwide Actuarial Valuation Results I. Valuation Results for Employer Plans 1. Actuarial accrued liability (AAL) a. Contributing Members b. Noncontributing Members c. Annuitants d. Total AAL 2. Actuarial value of assets (AVA) a. Benefit Accumulation Fund (Smoothed) b. Interest Reserve Account c. Perpetual Endowment d. Expense Fund e. Total AVA 3. Total unfunded actuarial accrued liability (UAAL) [Id - 2e] 4. Funded Ratio [2 / 1] II. Valuation Results for Pooled Benefits 1. Actuarial present value of future benefits from the Supplemental Disability Benefits Fund for annuities in effect 2. Actuarial value of assets of the Supplemental Disability Benefits Fund 3. Unfunded/(overfunded) actuarial accrued liability [UAAL/(OAAL)] in Supplemental Disability Benefits Fund [1 - 2] 4. Funded Ratio [2 / 1] G1`J December 31, 2015 S 14,418,534,533 2,344,330,504 11,615,487,746 S 28,378,352,783 S 24,217,092,499 100,231,497 17,306,171 12,570,411 S 24,347,200,578 December 31, 2014 S 13,749,350,477 2,128,994,032 10,768,530,757 S 26,646,875,266 S 22,731,118,751 99,337,496 15,031,254 14,911,314 S 22,860,398,815 S 4,031,152,205 S 3,786,476,451 85.8% 85.8% S 547,465 S 591,911 S 530,830 S 581,227 S 16,635 S 10,684 97.0% 98.2% Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Exhibit H Plan Net Assets - Pension Trust (Assets at Market Value) 1. Market value of assets at beginning of year 2. Revenue for the year a. Contributions i. Employee ii. Employer iii. Total Contributions b. Net investment income i. Interest and dividends ii. Net apprec/(deprec) in fair value of investments iii. Net securities lending income iv. Investment expenses V. Net investment income C. Miscellaneous d. Total revenue 3. Expenditures for the year a. Benefit payments i. Retirement benefits ii. Disability benefits iii. Partial Lump sum payments iv. Total benefit payments b. Refund of contributions C. Administrative expenses d. Allocation to supplemental death benefits fund e. Total expenditures 4. Increase in net assets (Item 2d + Item 3e) 5. Market value of assets at end of year (Item 1 + Item 4) G1 \V Section 1 Valuation of December 31, 2015 December 31, 2014 S 23,727,477,926 S 22,468,633,624 S 376,103,505 S 355,413,935 751,708,718 719,904,310 S 1,127,812,223 S 1,075,318,245 S 354,568,887 S 322,383,177 (284,634,170) 980,540,406 1,859,314 3,636,366 S (36,782,602) S (21,215,770) S 35,011,429 S 1,285,344,179 S 3,900 S 29,491 S 1,162,827,552 S 2,360,691,915 S (937,848,878) S (861,959,010) (16,775,098) (16,873,699) (148,161,053) (149,739,411) S (1,102,785,029) S (1,028,572,120) S (56,975,269) S (58,723,123) (21,325,422) (13,419,567) (1,057,178) (1,132,803) S (1,182,142,898) S (1,101,847,613) S (19,315,346) S 1,258,844,302 S 23,708,162,580 S 23,727,477,926 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Exhibit III Development of Actuarial Value of Assets Benefit Accumulation Fund (BAF) Only 1. Actuarial value of assets at January 1 (34,141,362) 2. Net external cash flow 7.00% a. Employer and employee contributions 1,591,178,313 b. Benefits and refunds paid 24,288,155,702 c. Subtotal 23,577,523,671 3. Assumed rate of investment return for 2015 (710,632,031) 4. Expected investment return for 2015 (Item 1 x Item 3) 5. Expected actuarial value of assets at December 31 (Item 1+ Item 2c + Item 4) 6. Market value of assets at December 31 7. Difference (Item 6 - Item 5) 8. Development of amounts to be recognized at December 31, 2015: Fiscal Remaining Deferrals Year of Excess (Shortfall) Offsetting of Net Deferrals Years End of Investment Income Gains/(Losses) Remaining Remaining (1) (2) (3) — (1) + (2) (4) 2015 $ (710,632,031) $ 0 $ (710,632,031) 10 Total $ (710,632,031) $ 0 $ (710,632,031) 9. Preliminary Actuarial value of assets at December 31 (Item 6 - Item 8) 10. Corridor Limits a. 85% of market value b. 115% of market value c. 33% adjustment back to corridor limits (if applicable) 11. Final actuarial value of assets at December 31 (Item 9 + Item 10c) 12. Asset gain (loss) for year (Item 11 - Item 5) 13. Return on the Actuarial Value of Assets 14. Ratio of actuarial value to market value GIRJ Section 1 Year Ending December 31, 2015 $ 22,731,118,751 $ 1,126,917,355 (1,161,058,717) $ (34,141,362) this valuation 7.00% $ 1,591,178,313 $ 24,288,155,702 $ 23,577,523,671 $ (710,632,031) Recognized for Remaining after this valuation this valuation (5)=(3)/(4) (6)=(3)-(5) $ (71,063,203) $ (639,568,828) $ (71,063,203) $ (639,568,828) $ 24,217,092,499 $ 20,040,895,120 27,114,152,222 $ 24,217,092,499 $ (71,063,203) 6.69% 102.7% Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 EXHIBIT IV Texas Municipal Retirement System CHANGES IN CONTRIBUTION RATES FROM 2016 TO 2017, WITHOUT IMPACT OF STATUTORY MAXIMUM OR PHASE-IN CITIES WITH 500 OR MORE CONTRIBUTING MEMBERS CITY NAME RETIREMENT PLAN CONTRIBUTION RATES ONLY NORMAL COST PRIOR SERVICE 2016 2017 2016 2017 TOTAL CHANGE Abilene 6.89% 7.70% 3.13% 3.56% 1.24% Allen 10.10% 10.43% 3.61% 3.51% 0.23% Amarillo 6.43% 7.23% 4.53% 5.17% 1.44% Arlington 8.57% 9.31% 6.36% 6.27% 0.65% Baytown 9.33% 9.90% 8.07% 7.48% -0.02% Beaumont 9.14% 9.82% 10.03% 9.88% 0.53% Brownsville 10.31% 10.57% 7.43% 7.03% -0.14% Brownsville PUB 9.94% 10.27% 7.46% 7.27% 0.14% Bryan 8.64% 8.92% 6.40% 6.37% 0.25% Carrollton 7.56% 8.41% 3.92% 4.03% 0.96% College Station 8.33% 8.67% 4.45% 4.73% 0.62% Corpus Christi 3.98% 4.72% 6.00% 6.00% 0.74% Denton 9.46% 10.09% 7.77% 7.21% 0.07% Edinburg 7.69% 8.43% 6.87% 6.42% 0.29% Flower Mound 7.61% 8.00% 1.57% 2.21% 1.03% Frisco 10.75% 11.26% 3.25% 2.90% 0.16% Garland 8.10% 8.54% 2.20% 2.37% 0.61% Georgetown 8.25% 9.06% 3.22% 3.37% 0.96% Grand Prairie 9.44% 10.12% 6.22% 6.04% 0.50% Grapevine 11.04% 11.49% 8.02% 7.57% 0.00% Irving 8.94% 9.48% 4.39% 4.95% 1.10% Killeen 4.97% 5.71% 3.29% 3.91% 1.36% Laredo 9.39% 10.05% 11.90% 11.11% -0.13% Lewisville 9.63% 10.17% 6.64% 6.38% 0.28% Longview 6.57% 7.31% 3.29% 3.79% 1.24% Lubbock 9.66% 9.99% 8.30% 7.96% -0.01% McAllen 4.39% 4.90% 2.27% 3.00% 1.24% McKinney 11.47% 11.61% 3.71% 3.69% 0.12% Mesquite 4.75% 5.58% 5.54% 6.43% 1.72% Midland 8.51% 8.72% 6.51% 6.14% -0.16% Mission 6.08% 6.43% 1.78% 2.01% 0.58% New Braunfels 11.13% 11.16% 6.10% 5.78% -0.29% North Richland Hills 10.60% 11.01% 5.66% 5.32% 0.07% Odessa 7.54% 8.02% 5.85% 6.00% 0.63% Pasadena 8.61% 9.31% 4.09% 4.35% 0.96% Pearland 9.98% 10.20% 3.39% 3.41% 0.24% Pharr 4.29% 5.23% 2.23% 2.78% 1.49% Plano 11.05% 11.35% 6.39% 5.97% -0.12% Port Arthur 6.47% 6.92% 7.14% 6.71% 0.02% Richardson 7.13% 7.99% 6.19% 6.59% 1.26% Round Rock 10.38% 10.87% 5.02% 4.68% 0.15% SanAngelo 8.07% 8.55% 9.02% 9.13% 0.59% SanAntonio 6.21% 6.87% 4.26% 4.48% 0.88% San Antonio Water System 1.99% 2.09% 1.70% 1.58% -0.02% SanMarcos 9.71% 10.26% 7.78% 7.24% 0.01% Sugar Land 10.92% 11.12% 3.79% 3.73% 0.14% Temple 9.48% 10.18% 6.37% 6.18% 0.51% Tyler 8.43% 9.32% 12.20% 11.43% 0.12% Victoria 7.22% 7.71% 9.46% 8.78% -0.19% Waco 6.85% 7.54% 6.11% 6.42% 1.00% Wichita Falls 4.87% 5.51% 7.05% 7.03% 0.62% Average - 51 Cities 8.17% 8.71% 1 5.65% 5.61% GIRS Section 1 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Section 1 EXHIBIT V TEXAS MUNICIPAL RETIREMENT SYSTEM CITIES WITH THE 2017 RETIREMENT RATE (INCLUDING PHASE-IN, IF APPLICABLE) AT THE STATUTORY MAXIMUM, BASED ON THE DECEMBER 31, 2015 VALUATION CITY NAME 2016 RETIREMENT PLAN ONLY FULL PHASE IN RATE MINIMUM 2017 RETIREMENT PLAN ONLY FULL PHASE IN RATE MINIMUM RATE LIMITED TO STATUTORY MAXIMUM Diboll 13.54% 12.98% 14.30% 13.98% 13.50% Forney 14.10% 13.20% 13.57% 13.57% 13.50% Freeport 13.77% 13.21% 14.36% 14.24% 13.50% Hawkins 13.33% 13.33% 14.97% 13.83% 13.50% Highland Village 13.20% 13.20% 13.64% 13.64% 13.50% Hunters Creek Village 14.00% 12.15% 16.62% 14.24% 13.50% Jacksboro 13.76% 13.42% 13.91% 13.91% 13.50% Kennedale 14.22% 13.33% 14.30% 13.91% 13.50% Kirby 13.11% 13.11% 14.35% 14.12% 13.50% Lucas 13.32% 13.15% 13.75% 13.75% 13.50% Pearland 13.37% 13.37% 13.61% 13.61% 13.50% Robinson 13.17% 13.17% 14.68% 14.04% 13.50% Sachse 13.42% 13.03% 14.05% 14.05% 13.50% Watauga 13.16% 13.16% 13.73% 13.66% 13.50% White Deer 7.09% 7.09% 7.72% 7.72% 7.50% Wolfforth 11.05% 11.05% 11.76% 11.76% 11.50% G1`J Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 EXHIBIT VI TEXAS MUNICIPAL RETIREMENT SYSTEM CITIES BEGINNING PARTICIPATION IN 2015 Section 1 CITY NUMBER CITY NAME PARTICIPATION DATE CONTRIBUTING MEMBERS ANNUAL COMPENSATION NORMAL COST PRIOR SERVICE TOTAL 00206 Button 07-15 1 $ 35,315 1.64% 7.79% 9.43% 00311 Covington 10-15 2 $ 68,161 3.29% 3.34% 6.63% 00393 East Bernard 05-15 4 $ 112,923 3.98% 2.56% 6.54% 00690 Kerens 11-15 11 $ 391,013 1.98% 5.85% 7.83% 01037 Providence Village 12-15 5 $ 374,870 5.37% 1.80% 7.17% 01200 Southnmyd 03-15 6 $ 167,542 2.15% 5.89% 8.04% 01312 1 Valley Mills 03-15 6 $ 170,705 1 2.07% 1 0.22% 1 2.29% GIRJ Z 10 Cl) w W Lu m H >- U cn W I --o zLL. 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C') Ln W CO d< � L¢ O O O O O N O N N O O O O O O N N O O O O O M O M O O O O O O O O O O O O O O O O O O O O O M O O O x CO in d Cn w O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O W O J CT Cl) V Cr) N I- LO CT M--* O 00 M CT O O LO m M V N O V 00 CO O--* CY) O Cr) O S H m Q O CO N M O O CO CT O CO V CO CO 00 M O O 1* O CO CO LO I- O N N N O 00 I- CO = O M Lo W O Lo Lo V O O Cr) O 00 I- 00 r- LO M N LO I- r- r- CO LO Ln O V V r - O r r r r r r r r Z CaJ N d \\\\\ o o o o o \\\\\ o o o o o \\\\\ o 0 0 0 0 \\\\\ 0 0 0 0 o \\\\\ o o o o o \\\\\ o o o o o \\\ o o o H W HLO U I� P- V r- CO CO V N I� LO N N V M M r- M 00 M M r- N00 � LO I- 00 O = Z O r- N I- P- 00 CT O V CO CO CO l!) N M CO 'It 'It CO O N r- C M N CO O 00 =W CO N O O CO O O l!') CO O N N M N M Ln -* O O N I� r- Lo N O CO N N O M 0- LU H W CO F- W J O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Q � m O r- r- Lo M 00 00 CT l!') 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N CO W to to N W C C N CO CO � N M CT 00 N CO 00 O CO Lo V V Lo o) CO co W CO V CO M am a) Lo Lo O O W W Ln Ln W N N V Lo O U z O O O O o 0 0 0 0 0 0 o O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 Q J LO CO V CO LO 00 00 V V 00 00 M Cn V N O r- r- CO CO CT 00 r- LO LO LO --* O O N Z Q 00 1- CO LO CT N N V CO N CO N CO LO 'It O Ln CT CO CT LO O I- O CO O O 00 V CO I- M V O r- O V LO LO O CT M O 00 I- LO Co LO MCY) M I- r- r V CY) M LO O M V r - O O Z OO O O O O O O O O O O O O O O O O 0 o O O O O O O O O O O O O O LUM J= M I- CO W O O, W W O CO O co W O W W CO CO O I� O O O o0 O O Lo V Lo CO d~ - CO N- N O N N N - O N N N N O N O O 0 0- 0 0 - CO N Q S L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C: - CO Cn o a W D o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 H J N O Cr) CT CT O 00 V N O O M M V CT C14 I- � 00 O M 00 V O LO LO I- � O Co Co I- Q o I- - LO N I- I- ri v O r- O N N- O O v Lo Lo O LO - O N CT ri O oo I- - O 00 M O Lo Co v m rn 00 CO I- V O ri I- r- r v I- O 0 0 rn m v Ln O CO O M m e r - Z N d o o 0 o o o o o o o o o o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ W l!') M l!') N CO CO CO V CO 00 I- O CO M O M O N V 00 M CO CO N O M O M = H U CT r CT O I- P- O LO O CT V CT CO N 00 N O 1* CT CT V V CO 00 1* 00 N V LO O O W N O O I� O O Co N O N N CO O N Ln I- O N l!') N O CO N O x LU a L � W �� F- J o 0 o O O O O O O O O O O O O O O O O oll� O o 0 0 o O o 0 0 0 0 o O Q cf)o P- M 00 M I- 00 CO N P- CO N O CO -* P- LO N LO O N O M 00 CO LO CO V O N -* O 00 00 O N CO M LO P- OV LO I- r M CT CO -* � � -* M 00 N CO 00 CO I- -* V V 00 Lo Lo C7 - r) Lo 0o Co r) I� Lo q* Lo m CT CT o ai oo I- Lo. Lo oo - LO O U z Cn ()f LO V M Ln O CY) O N V CO CT I- CO CO O M CO I- P- O M N N M 00 M CO S N MCO N W 00 N P- LO Co M 00 Nr- N LO N LO 00 r- N U) W i E .O O Ln V CO CT 00 00 00 N CO LO LO CO Ln 00 a) M CO CO N N W N M M V M O CO N O Q O CO 00 00 N I� O Ln Ln co 00 V CO N I- N („) Q W N N Cf) N co J r Q N .2 0 J L U m N = T W U'o C N a) 'O 'o d 'O == O 'o 'o W O O C) EO 'O (6 C E U Q t O O O Z E O C p N6 O O o N NO Y C tO C ' wO O O O O O O O O O O O O O O O L' U 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 LU O N CO V 00 O N V CO 00 Ln Ln Ln Ln Ln O N CO O N V CO I- 00 O 00 N V 00 00 O OO OO OO OO CT O O Ln N M � � � � � V CO 00 � � � U O c=l N O CD CD M N Z N O m N W a Z 10 Cl) w W Lu m H >- U cn W I --o zLL. LU Q W < N �Q Z (n Q W ~ U U) 20 U Z Z O �a J W J ~a a U a N O N m a LU ¢� O p Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z O O C O OT O O O O C O O DZ J 2 Q WW < 00O OO 00 LO (O CO LO Cl) LOVO lfr— V V CO CO WO 10 O CT lf) NO WO 1*O WO 1*O 1* a) 1* r— 1* MO COO Cl) M M CO O W �O LO MO CY) (p CO O WO C:- N W O Q � Cn 00 O CT Cf) N CT N CO CT — O Lf) CO xl (2 cl) M N r— CO CO CO -* r— — lf) W O U _ CD d O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 0 J o Z Q r— CT CO N Cf) CT lf) lf) M V P— Cf) O 00 V M V M CO r— V r— N O CT lf) V CO CO -* NCY) �'t LO O V VCT Cf) O O lf) O N N 00 N r— 1* M V S O Cl) O UQ 0 0 0 0 O O O O O O O O O O 0 0 0 0 0 0 N O O N O O O O U O o O O O o 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D J Z Q N CO 00 LO Cl) Cf) CO Cf) CT Cl) LO V V N Cf) P—V V CO LO 0') V 00 CO O V Cf) V N o r— 00 r— 'It 'It 'Itr— 'Itr— 0') CT VM CO CO lf) 00 LO N 00 M CO 00 r— O W O N W O O CT CT lf) N CT N CO CT O lf) N CO Lf) N C 2 � M N 1— CO CO C 2 � I� M lf) W O O r r Z O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O o 0 0 J S W N M O lf) V V O lf) 0 0 0 Lf) O V CT O LL7 CO r W c: - LU W CO d a- W N O O O O O M M O O O O O N N O O O O O O N O N N M O O O O O N O O O O O O N M M O O O O O N O O O O x CO 0 d V% w O O O O O O O O O O O O o O O O O O O O O O O O O O O O O O O O o W O J — 00 CO N V M O O O N 00 V Cl) CT N M 00 � V 00 Vr— V LO 00 O M r M C:- F- H Q N CO V V r— V CO CO M CO CT N M M N N LO CO Cf) V CO CO CO LO O 1* CO O CO O CT lf) N CT N CO CT O V N CO Lf) N Cp M N r— CO CO C 2 -* r- M M lf) W O UCT 7cy) r r w x Z �aJ N d \\\\\ o 0 0 0 \\\\\_ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 \\\\\ 0 0 0 \\\\\ 0 0 0 0 0 \\\ 0 0 F W F 0 U CO O 0) N V C CT � V V W M M CO C Cp CO CD CT N CO0 LO Cp 't C M C> � Z O (O CO CT O � � N CT N (p � O N CO V LO LO O � LO � CT � O N CO � LO M � � M � O � W — O N Cf) co r— O O M O Cf) r V Cf) O m M co co Cf) O CO M N N M— Cf) CT O x a W � F- W J 0 0 O O O O O O O O O O O O O 0 O O O O O O O 0 O lol�C O O 0 O O Q � W W CT O O r— V V O L. V r—CO M CO W m M W � CO N Cf) O N CT C> r— W oo r—m m C C CO � Om M N m CO N S W M CO O 00 � M � O CO � N W LO N LO� O . O CO O CT N Cf) Cf) N Cf) W O N � oo � r— r— CT W N CO O Lo N� CO N CT CT O O U z 0 0 0 o O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Q J LO P- V M CO CO O M V 00 00 O LO N CO 00 O 00 LO LO Lf) N 00 -* CO N CO LO V 00 C:- Q < CO CT N N V O V O CT M O Cf) 00 N 1 M M r— CO CO r— �CY) 'It M CO CT CT O 00 CT O Cf) N — — — CT N CO CT O O Cf) LO (p N C N CT Cf) CO CO � CO — M V W O O 0 Z O OO O O O O O O O O O O O O O O O O O O O O O O O O O O O o 0 0 LU J S d CT — M CO O CO V r- LO CO M Lf) 00 O LQ M W O'* M m M O O CO 0- — N —— — —— M N N N N O N M O N (p M N N O Q =) L¢ O O O O O O O O O O O O O O O O O O C: - CO cn o a W D o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 J V00 M O O CO V CT r-� N Cf) Cf) r N 00 CO N r- O V M CT O N CT LO CO 00 O Q Q U N r— O— M W CT O Cf) N CT N 00 r— CO W N Cf) W O — CT N CT O V CO C> 'It CO O Lo ; 22 Ncy) CO Cf) O CO N� CT Cf) CO r— N LO N CO CO O M � O V W O Z N d o 0 0 0 0 o o 0 o o o o o o o o o o o_ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F W 00 LO N W M LO N l!') r— LO CO r— CO W M N D O CT r— O M N 00 M V00 F U_ CT V Cf) CO N CO CO O CT O P— CT CO � O LL7 Cf) V r— r— M 00 N N N CT OW O O O M Cf) M r O O co V r— M CO O M O N co co r— O r N N N U?r CO CT O x Mof H W CO �95 J O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O o- < co CO CO N I N N lf) CT CC O C CO W CO LO N CO W V 00 V O 00 W C LO M CO M LO LO CO r- CO N W O O CO CT N 0 00 LC) CO M M (p O N O P- O V W Of O P— O CO CT 00 N Cf) Cf) Cf) r— r— O N r— 00 r— CO CT 00 Cf) CT CO N 00 00 O O U z (n 00 CO O O O M CO V O CO V M O M V r— � LO O N S � r >= N 2 W N P— N M M— LO V N CO 00 LO O 00 CO 00 N O r M V N CO •>- N Of N r— O N CT Q M M CO N O U Nr CO V Cf) N 00 00 CO M 00 Nr— V CO O (n Q N O N Lf) V N CO 00 (p r— CO M N CT lf) CO N CO U Q W M Z r— co co J (U W a) N O_ N a) — i N _ 'O 2 Z O O ( dO= C YU -O :2E C C C L 0 N N C C C6 (6 (U 0 i = C M M M C6 m C6 m C6 m (6 (6 16 C6 C6 N N N N N N t t t t t t t U 00 00 00 00 00 00 U U U U U U U U U U U U U U U U U U U U U U U U U U U of m Cr) CT O N V CO r— 00 O N V O N V r— 00 O N V 00 CT O N V CO r— 00 CT LO O M V LO LO LO N- N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N U Z N O N m a Z 10 Cl) w W Lu m H U) W >- U cn W I --o zLL. LU Q W < N �Q Z (n Q W ~ U U) 20 U Z Z O �a J W J ~a a U a N O Ln N Un a O O O O O O O O O O O O O O O O O O O x w J O O O O LO LO LO LO O O O O lf) lf) lf) lf) O O O lf) l!') l!') O O O l!') l!') Lc? O O O lf) Lf? Lf? O O Ln Ln Z �2 6) 6) O O �2 �2 B O O �2 00 O O I-- O O Do O O O O O O -- p Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O D J — Z Q = W I� Cf) O O LOn O (O l!') l!') N CT O Cl)M N 00 CO (O CO I� O (T W W N (O CO I— N Cq N 10 Ln N10 CO O 00 00 C C f) V f) W W I— Cl) l!') N M M W CO Ln Ln It Cf) � 00 O Ln Cf) N N N WO— Cf) r— M 00 — I— � M T C lCOQ �U_ d O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 0 J o Z Q— 00 (T M O N . 00— M I— r— r— CY) M V (O (O 00 N Cf) CT Cf) N N Cf)— (O M CY) 00 M 00 - 00-) CO- M V CT CO CO N CO M 00 r— M M O M I� Cf) 00 CO — - UQ O O O O N O O O O O 0 0 0 0 0 0 0 0 O O O O 0 0 0 0 O N O U 0 0 0 C 0 0 0 0 0 0 0 C 0 0 0 0 C 0 C 0 0 0 0 C 0 0 0 0 0 C C C 0 D J Z Q lf) Cf) LO (O N CT (O l!') I� CO (T O COO CD N 00 00 CO Cq M (T W O N V N � V LO 10 10 CO I� Ln CO CO � � Cf) CO N 00 � N COM CO N M M M N CO M Ln Ln I� M N 10 CO V CO O N N V M W O M CO 00 CO M 00 00 M CT CO V V Ln N Ln O CO CO Z O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O J= d M O O l!') CT 00 CT CT V O O Ln CO M O C I� CO O V N Ln I� O N O V V Ln CO Qa- W N M N O O O O O N N N O O O O O N O O O O O O O N O M N O O O O O N N O M O O O O O 1* N O O O O O O N N N O O O x CO 0 d V) OO O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O W O H J Q N V (T (O I— CO V N Cf) V O O (O O LO (O Cf) V 00 00 V Cf) 00 O O I— V M r— M r— 'ItM CO r— 00 O Cf) 00 (O V O CO V CT 00 M CY) N 'ItM M I— CT 00 � Cf)!,0M N N V M W O O M CO W CO M W W M V (fl V M Ln M N Ln O CO CO <= O CNaJ N d \\\\\ o 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\ 0 0 0 F W F U CT CT O N V O Ln to Cf) O (T M LO LO CO CY) CO I— r— 00 Cf) (T O N O V O Z U Cf) O CO CT CO CO O Cf) CO CO CO CO I— M r— M r M N V CO (O C14 1* O O I— =W 0 N N 0) V O CO O O I— V O O LO O LO N (O V O � N CO O 00 d CLU W O F- W J O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Q � M l!') W CO (T N V CO V N (O M Cf) O O � V l!') CT I— C N CT Cf) oo (o � V CT 00 CO L W N Lf) m I— — N M CO CO 00 CO cq I— 00 00 N C W Lf) N C N � � N I— Cf) W Ln LO O CO O V N CO Cf) CO CO CO CO 00 00 00 N M 00 00 M (O (T (T co 00 00 O U z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Q J I— (O CO CO O N O MLn Cf) 00 O_ CO 00 M � 00 00 � 00 N (O to (T LO N 00 00 V 00 Z Q V 1— 00 M (T V _ O O CO I— r— r— 00 r—'It M N (O O CT Cf) N O LO M O N O N N O M O 00 O O CO V 00 I— N r— O CO 00 M Cf) 00 CO M Cf) LO M N LO C V CO O Z O O O O O O O O O O O O O O O O O O O C O O O O O O O O O L O O O LUn J= W M O O M V CO O I� 00 CT CT V O O Ln M W O- O V O Cr) NC:. N V CO d N coM N coM N N N N 0 0 N O M COM N O M LO N . O N N N Q 5 L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C: - CO Cn 0 a Wo00000 00000 00000 00000 00000 000_00 000 H J V (O (O M (O (O O (O M CO (O (T (O M 00 00 CO O 00 LO 00 00 (O M00 N 00 CO O Q U O N V CO (T N N O M O I— N 00 P— CY) O W (T Ocy) CO Cf) CT I— — N V I-- r-- N - CO - — — r— O CO W M — CO O 00 N V W (O M Cf) O CY) Lo N N Lo cy) CO O CO O V Lo Z N d 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ W r, 00 r, CO (O V 00 V V r— V V Cf) l!') CO M I— M CO I— V CO M CO I— O V V Ln F- ()f U_ Cf) (T I— M (T M O O (T M Cf) N 00 I� V M r O N CO (O Cf) LO M LO O I� CO O O W N N Na, V O M O 0) V O M O N N (O V N CO O to x LU a H W CO �� LU 0- 0- 0- 0- 0- o00000o0-0-0- 0- 0- o0-oo0- 0- 0- 0- o0-oo0- 0- 0- 0- 0- o 0 o0 0-F- -o 00- Q r— V CO (O N V N N CT CT N N N I— M V CO (O LO N MN M M W 00 O CO � LO -* LO -* 'It00 r— 1* N � l!') O CO V CT N I— LO CO Lf) Lf) 00 M M��� O CO O N Ocf) O V N Cf) co W (T Cf) W (T Cf) W W W W N I— W N (O (T (T N O O I— O M r— O U z (n CA (O V Cf) V Ln N 00 LO N N Lf) M 00 00 r— N r— r— 00 O M N M r— CO CO CO M M C W N = Q M M N r— N 00 M M (O LO 00 M N r— I M LO M N CO 3 N i E O N 00M M V O V Ln N V r— O Lf) N V Cf) O I— M M r— CT N N Cf) CO M CO CO Lf) Lf) O O Cf)Q O M M WI— N00 co co to O co M N 00 CT V r— ��� N r— („) Q W < N 00 CO M N N J N fn N C o D W U Cf)— — � — U U C a) Cn �_ — C a) a) t U N co s` U n U cc Q Z O .� .� > > NC13= J i (6 C E C6 a) O > > to 'O > N U i C O a) C6 t to (6 (6 (6 p C to to OU N Y Y O C O N O O E O N N 2 � N (6 � O N N > CL N N N = CL O. 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LO V V l!') q* r- M � N� LO M l!') � CT CT N 00 LO � N LO W O� W 0T V O V co co V co N co N O - O O - M- LO LO O N M LO CO N M CZ _ W LU 95 W J O 0 O O O O O O O 0 O O O O O O O O O O O 0 O OM O O O 0 0 O O Q � CT W Cf) N Lo c,4 W In O CT Cf) 00 N CO V N r -m V O M � M M N r- a) oo x) m a) (p cD O x) M O W oo COM CO M M W N C W c:- O 00 � CO r- cy) CT N CT CO � O CO CT V O Lf) N O Lf) N CO V V Lo Lo Lo � N co CT W Oto CO M O W r- m O U z O O O O O O O O O O o 0 0 0 0 0 0 o O O O o 0 0 0 0 0 0 0 0 0 0 0 Q J N M CO O 00 CT CO M CT V V N 00 LO (p N r- M CO CO r- CO CO r- 00 q-* CT O N Z Q 00 In CO V O CT CT CO O LO CO LO CO q1t q1t CO N N CO CO V O M N 1* M r- LO CO O V Cr) N O CT Cr) O CT Cr) LO 00 V CT CO LO CO LO CO N LO V O V LO LO O r- LO 00 N O Z O O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 o O O O O LUCZ J= a- CT 00 00 V N O Cr) N LO CO CT V 00 V N N CO LO O W � V M O CO M W N CO ~ M- O N N N N N M N co co N -- N N O N . N . . O N N Q S L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C: - CO cn Q a WD o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 H J Cr) Cr) LO N CO V CO N N r- CO CT V 00 r- P- 0T M 00 CO LO O V V M V P-, M CO CO N� M O � N O LO In CO M O V N M CO 00 N r- N N N N LO CO N O M V 00 Q Q O V M N O W r M O W M r CT W M CT Cf) Cf) CO Lo CO N r CT Cf) V O V V Lo O r- r Cf) W r Z N d o o o 0 o o o o o o o o o o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o o 0 ~ W M CT 00 O V CT r- O CO O 00 O r-�q.* � LO 00 V CO CO 00 O r- O N LO LO Q H U I- O O 1* M M T O M MO LO O T � N Cl? O O_ W 00 V O V V CO V CO N- O 0 0- CO O M- CO V O O M CO CO M x LU a LU H W �� LJ O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 o O O O O O O O O o- < co O V V V CO � CT N O M V 00 � ,. W O O LO CT CO V O CO V P-� Lf) CO O N q* Xn ::� 00 O N Cn In P-LL7 V N V OT CO N LO CY) M 00 LO LO LO O of O LO 00 O V CT P- V N O LO N CO Cr) V LO LO q-* 00 N M;: 00 00 CT LO -* M O CT P- 00 O U z (n Of CO M CO W M (p CO x)In CO CO LOM O CO O In CO O M N CO N C N S W M In V N CY) N M M N N M� CO LO CT r N M CO LO CY) CO N i E C N Cfl M 0') O Ln W 00 r- Ln M Cfl Cf) Ln Ln Cfl W Ln 00 co CO co 00 V r- O co Q U-) O CO Q 00 V N co N M M N N CO CO Cf) 00 M CO LL7 W CO („) Q W co r N Z N J r W O Y m - C O !Z Q O O C O 5 C CO (� O C C t O m cc T N N C6 OU C E O (U s C N (U a) t C (6 (6 N N N N N (U U (6 C6 (6 - - w' C6 C6 (6 (U (U � � � � (U O O O O � � � � � O O O C C � � � � � Y Y Y Y Y Y Y Y Y Y Y Y Y LU Cn 00 O N V V V u) u) u) CO 00 O V Ln u) Ln CO CO CO CO 00 O CO Cn CO CO r, r, r, r N V CO r r, r, r, 00 O N CO r, W W W W Ln V CO 00 O oo oo oo oo m N V V m m m CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO CO U o N Z a) Un a Z 10 Cl) w W Lu m H >- U cn W I --o zLL. 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V CT N Cl) M M O C0 M CO � 00 CO M O M M V M V M M O Lr) LL7 00 M O LL7 'It CY) CO O N S O0� Q CO LO 00 o) V LO N 00 r N— CT Co LO CO LO CO N N r— Cl) Cl) N M O r—- M V LO M O _ Of 0- Lu O o o o o o oo o o o O O O O O O O O O O O O O O O O O O O O O O Q J Z Q N CO W V Cl) V M N N M Cl) N O V CT 00 CO M O M In LO O 10 00 M LO CO 10 N M N O 00 V 00 NO LO N 00 O r— O O r— CO 00 O 1* 10 10 00 Co CCJ Ln UQ O O O O O 0 0 0 0— O 0 0 N O O O O O O O 0 0 U o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Q J Z Q r- r- CT r N r— — V CT O Cl) r- LO N LO LO LO 00 10 M 00 00 O LO 00 V CT M M LO M O N M CY) 00 00 LO Cl) O N Y 00 CT LO 00 O CO LL7 O M CO LO 00 O r N O O O O LO CT CT V LO N 00 00 N CT CO LO CO LO CO N N r— CO CO N M O r— N M V LO Z O O O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 o O O J= In O N V V In O O V O N In o0 N W N V CO O LL7 LL7 LL7 O CT CO Q0- 11 F W N O M O O O O O M O O O O O O O N N O O O O O O O O O O N N N N O O O O O N O O O O O O O O O x CO Q d Cn O O O O O O O O O O O O O O O O O O O o o o o o o o o o o o o O O W O J Co N CT LO r— CO 00 r— LO 00 CT 00 CO M O r— Co r— 00 M P— CO C0 V O CO N Cr) CO F r� Q O 10 — M LO — M LO P— 1* 10 V r— O N — r— CY) 10 10 LO CO LO 00 O LO CY) CO W o0 LO 0') 0') V LO N 00 00 N CT CO LO CO LO LO N N P— CO CO M O r—- M V V M <= O Z C)aJ\\\\\ N d o o o o o \\\\\ o o o o o \\\\\ o o 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\_\\ 0 0 0 0 0 \\\ 0 0 0 F W F of U In ; r— CT C0 00 O 00 LO N LO LO LO 00 N Nr— CT CO 0 r— Lf) N CO 00 O V O 00 Q Z O LO CT CO CO O O 10 N LO 10 LO CT CT r— Nq1t N r—P— V CO LO N LL7 N M M N N Lf) co N co N O Lf) O O N O Lf) Lf) O Co Co Lo V O O co co -* M O Om O Lf) Lo =W Z W ! LU C F- W J o O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Q N C0 CT r— CO M CT V 00 CT O O W A V r—N V M N W LO O me r— LO LO M C0 V In N M CT N N LO 00 LO N r— 00 N O r— N LO M 00 O Co LO O CT Lf) CO O N co co W O N V O CO � CT CT r— Co M O00 00 M r— O Lf) CT 00 O U z O O O O O O o 0 0 0 0 0 o O O O O O o 0 0 0 0 0 0 0 o O O O O O o Q J LO r- CO 00 P- O V M N N N O N CO 00 O CO CO r- CT N O V CY) LL7 O N OO V Z Q 00 V CO N 10 CO LO r— 00 CO 0) O r— LO 10 10 00 LO r— N10 10 00 CT 10 q1t q1t 10 co U V 00 CT M LO O P— M N O O LO M LO LO N M r O C0 N N r N O r M r r M V M r Z O O O O O O O O O O O O O O O O O O O O O O O o o OO O O O O O O LUW J= 0- N Lf) O N M CO O O M V O V10 N o0 CO CO N o0 CO N V LL7 O LL7 O W CO N O co M O O N N N N N N N N O Q Q L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C: - CO Cn Q a WD o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 F J M CO r LO CO N M M CO V V M S O In CO CO 00 N r V O V M 00 N-* -* 00W X) CO X)V O C0 CO LO LO P— N O M N LL7 LO O N O CO O Co M Q O W CT M Lf) CT — 0 0 r— M CT N O CT Lf) M LO LO N M O C0 N N CT N O S N co V M Z N d o 0 0 0 0 o o o o o o o o 0 o o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F W r— CT 00 r N 00 r—� N In CO M r— CO � M Cr V V O N W V Q F U_ N N O CO V N CO V CT N M CO CT Ln � N M M Lf) N O O W � l!') Cr) Cr) Cr) N N O CO O O N O Lf) Co M LO Co M O O co co N O O M O Lf) Ln x LU a LU F W �� F- F J o -o -o -o -o- o 0 0 0 0 o -o -o -o -o- 0 0 0 0 0 �oo-o-o- o O o 0 o o -o -o -o -o- O o o O O o-��ll o O O O O �llll O O O O O moo- o 0 0 Q Cn C0 r— CT V V M CT NP— 10 r— CO C0 CO o0 V,00 CO M CO CT CO V00 O N V Ln Ln 00 LO LO � r— 00 C14 10 V � V N N 00 10 CT 00 00 O CO 00 M r LO LO W N CO O O O o) V CO CT N co , co r o) V CT Co o0 o0 o0 M CO N W r— r— N Co � V CT o0 O U z (n of 00 (0 N N CY) M N r— LO r— C0 r— CT LO CO CO O N CT CC) CT CY) LO 00 M M N = wIn Vr— LO N O N N N CO LO C0 N O r LO M 00 M O N 00 � � N i E C Cf) Ln CO M M M CO Cf) r— CO CO O M N M CO M N r— Cf) N 00 Ln Ln O M r— M N M O Cf)Q CC) Ln N N N Lf) Lf) Co M O S 00 M O m m CO N („) Q W — O N M N N JLU r A) 03 0 a) a) a) a) Y � n Y � U n Z _C13 a) .N 'O (D U w ca N J to 'E � � Q� O a) a) >. � W to a) O N 2 E 0 � 0 CZ to to 2i N Q 06 �_ C) -C -C d N U L.L C.J C.J M 11 U -O O O Y Y Y Y Y Y Y E E C U Y Y Y Y Y Y Y Y Y Y Y J J J J J J J J J J J J J J J J J J J J J J of 00 Co 00 O N O O O V W M M r— O O O m CDCO O CC) V C0 Cr) C14 C14 N W 10 C14 N CO CC) r— 00 1=1r— M r— Ln M O N V CO CO CO o r— r— r r— r— r r— r— r— r— r— C) Z w N O Z 10 Cl) w W Lu m H >- U cn W I --o zLL. LU O W < N �Q Z (n O w~ U U) 20 U Z Z O �a J W J ~a a U a O O O O OO O O O O O O O x w O O O O O O O O O O O O O ¢� � 01-- 1-- o p Z Z Z ZZ Z Z Z Z Z Z Z Z Z O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Q J - Z Q 2 W Cf) Cl) Cl) 00 M Cf) I- Cf) N Cf) LO N Cf) 10 V N V P- -* r- LO O 00 M (0 - 00 CO O I- 0) N (0 (0 I- Cf) O 00 M 00 CO M O Ln CO N Cf) O N 0) 0) 0 M N M N CO 00 W I� V N M O) I� N CO V N O N O N I� M (0 I� M CD = d O O O O O O O O O O O O O O O O O O o o o o o o o o o O o O *o O o Q J o M Cf) N N N CO Cf) 0) 00 Cf) Cf) CO N N CO LO N O I- O N 0) V O CO CO 0) I- V N Z Q 10 Cf) V CO O CO N N O N O O 00 LO M Nr- M N N O N N CO q.* 0) CO LO C=> 0 UQ O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O O O O O O O O U 2 U o 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Q J Cf) N CO CO 00 N Cf) LO 0) N V V 7 r- LO O 00 C 0) N O f) O O 00 0) 00 C C14 LO O Z Q Mf) LO CI- Cf) f) N V CCO I- r M r- r- CO CO LO 00 CO Cf) M CO I- CO r- M CO CO N 0) 0) Cf) l!') 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O V W O Ln 00 M 0) 00 M� 0) W (0 O COol�O N CO CO N M � M � M 00 � W N M W Col� O 0) 000� � O O Cf) 00 00 O CO Cf) , 00 N CO O 00 00 I- N co I- N CO Lo N V 0) O U z 0 0 0 0 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Q J 00P- O (0 M I- 0) V r- V N N LO N r- O C 0) P- CO f) O N 00 O (0 (0 00 Z Q V 00 O M 0) 00 N I- r- V M I- 0) O M r- M CO O 10 O O 0) O N 0) q1t V M V O N (0 00 I� r -V M M I� N CO V N O M O N10 N (0 I� M U N r r r r r r r r O Z 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LU J S d 0) (0 Cf) M Cf) � Cf) � O O O N O 00 co M N Lo 00 CO V M 00 O Lf) Lf) O , , , O CO CO d -- -- O - N- 0 0 O N O M N N N CO N (0 - N O N O- N - O Q S L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C: - CO cn Q a Wo 0 o o o o o 0 0 0 0 0 0 o O O O O O O O O O O O o 0 0 0 0 0 0 0 0 Q J Q 0) - (0 00 C f) N I- 00 - 00 00 V r- 0) 0) CO 0) N I- C 0) Vf) V V r- N M M 10 N N N O LO 0) 10 0) O O CON (0 (0 O 00 O 00 00 LO r- 00 M I- O 10 00 00 0) (0 O 0) M � U N V V N M M O CO 00 0) N 0) N CO N O O (0 M Z N d o o o o o o o o o o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ~ W O O Cf) CO I- N Cf) V r- Cf) 0) O V V N 0) CO I- 00 Cf) M 0) I- LO M O O CO O F_ ()f U_ 0) N 00 I- O M CO O 10 I- 00 Cf) O N O N M 0) (0 Cf) O N N O O LO M 10 M CO O O W O Cf) N CO Cf) O V (0 N N O CO O O NM I- O r- (0 V N O M O O N O 00 N x Mof H �95 W CO W J O O o 0 0 0) � C 00 o O O o 0 (0 (0 CO CO N o O O O O 0) CO V 00 M o 0 0 0 0 O M M 0) o O o O o V Wf) C (0 r- o O O O O N N I- O O o COM (0 Q ; M Of) V P- (0 cq 0) 10 O 00 10 CO LO r- I- 0) M r- O V O O Cf) CO (0 I� O 0) V 0) 0) O 00 I- 0) CO V (0 00 O Lf) O 00 I- r- N CO (0 N CO N V 0) O O U z (n Of a) 00 (0 Cf) M LO O 00 LO M CO N LO O (0 (0 O 00 M CO N 00 M O fn 2 W Cf) - 0) N O V N O 0) M I- l!') O LO W N V N V (0 Ln M I� 3 y N r i CO Cf) 0) (0 V M V I- M 00 l!') 0) N X) 00 X) V M V 00 CO V O (0 M Ln r- CO M M CO 0 Cf)Q O r- 0) 0) 0) 0) V 0) Ln 00 CO N N Ln CO N U Q W o v to to (fl J >- N W > O O Q U O (6 '0 C O 2 -0 Y p O >� (6 2i N >� Y Z N a) '0 N W N 06 O fn C6 a) O O a) d o U C N LO (6 N C_) (6 N C O 0_ 0) O t C > C C = LL O N O O 0) C > m (6 C C N O O > X N N '0 '0 (6 O O N N w w C Y Y N 0) U U C C (6 N N N N (6 > U U (6 m 0 0 0 J J J J J 0 0 0 N 0 J J J J J .9 .9 9 �- J J J J J > > > J J J J J C, O O O O J J J J J O O O O O J J J J J O o J J J of O M CO I- Cf) 0) 00 O N V (0 Cf) 00 O LO N M r- V (0 00 O Cf) (0 00 0) O M V 00 M m C0 CO CO CO (0 I� U Z Z 10 Cl) w W Lu m H >- U cn W I --o zLL. LU O W < N �a Z (n O w~ U U) 20 U Z Z O �a J W J ~a a U a v Un a O O O O O O O O O o o O O O O O O x w J O O l!') l!') O O O l!') l!') l!') O O O O O L l!') l!') l!') l!') l!') O O l!') l!') O O O O l!') l!') l!') l!') O l!') O l!') Q z O 0 0 00 X 0 0 �2 �2 O 6) O 6) O �2 O I-- �2 a) 0 0 0 0 m o o -- O Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z o O O O O O O O O o O O O O O O O O O O O O O O O O O O O O o 0 0 Q J — Z Q S W N CO r— Cl) V It LO 0')0) CO CO S M O 00 00 Cl) N r— M 01 O a0 LO LO O r— N N Mr— CO CT r—r CO CT O N CO 00 00 00 O r— m M N-* O It It M M ) V LC V Cl) It Cn CO CO V . 0') N CO V Co LO N Co � Co — O Co Co Cl) Cl) N r— N Ln N O N r— r— O of 0 _ d Lu O O O O O O O O O O O -o O O O O O O O O O O O O O O O O O O O O O Q J Z Q CT M Cn M 00 W O W V r V S O V l!') 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O CT 00 Cf) W W V N CO 00 LO 00 LO CO CO I— 00 M CY) CO N 00 I— CO M O r— CO r— O 00 O N O q.* r— O 00 LO r— N M W N O Cf) M M CT N 00 CO M f) I— CI— r M Lf) N I� 00 00 CO N O CO N Ln O O Ln O r r r r r r N Z O O O O O O O O O O O O O O O O O O O O O O O O O O o 0 o O O O o J S I� M O CO M CO O l!') 00 M CO CT O O O O CO O Lf) CO CT V M O N M Ln CO CO W QL¢ 0- N O O O O O O N Cf) N O O O O O N O O O O O O O O N N O O O O O O O O O O O N O O O O O M O O O x CO Q d Cn w oo O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 W O J O LO O M 00 M CO M Lf) LO Cr) Cr) 00 LO I— N M O-* O V I— P— P— O r— CO r M(0 I— H m Q O Lf) O V 00 CO M CO O Lf) CO M CO M CO O CO O CO Lf) Lf) 00 CO O O 00 LO M CO CO I— O O Cf) M M 00 N 00 CO M I— Cf) I— r— M Lf) -* N � 00 I— CO N O Ln N Ln O aT Ln O r r r r � 7 r r N r X Z ~ �aJ N e d \\\\\ o 0 0 0 \\\\\ 0 0 0 \\\\\ 0 0 0 0 \\\\\ 0 0 0 0 \\\\\ 0 0 \\\\\ 0 0 0 0 0 \\\ 0 H W H U C � O N CO0 O I� N N Cf) M W C 0 0 CD C V N V CO C CO0 LO LO LO Ln CO0 M 00 Q Z O CO N CO r— r--: M N � 0 0 W CO N � V LO Ln O�� O N l!') 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CT In M In CTLf) N N 00CD N CO 0 _ CZ O O O O O O O O O O O O O O O O o o o o o o o o o o o o o O O O O 0 J� Z Q 00 CT N Co CO M r O Lf) r r 0) CO 0) N M co r Co N00 N V CT M N 00 LO CO Co N00 Ln Ln Co P LO V CO CO N O Nm Lo O O Co 00 V Lo 0 0 UQ O O O O O O O O O O O O O O O — 0 0 0 0 N 0 0 0 0 N O O O M O U 2 U 0 o o o O O O O O O O O O O O O O O O O O O O O O O O O O O O O O 0 J Z Q N W In M N r— O CT N M V M CO LO r— 00 N CO In V CT r— CO r— 00 N M M O (p 00 00 00 r— In M In CT V N (p Co Co Co O M CO N M 0. W W— O Co V M Lf) 00 N co r— co r— N V r— Lf) 00 M N— Co Co O Lf) M Lf) T Co N N oo N r— Z O O O O O O O O O O O O O O O O o o o o o o o o o O O O O o o o o J S 11 W N V N CT CO CT M N M V O Lf) CT O 00 O� r— N M O N P— M N M N O 00 q* W Q0- F W N N O O O O O O V O O O O O N M O O O O O O N N N O O O O O N N M N O O O O O M N M O O O O O N N N O O O x CO 0 d V% w O O O O O O O O o o o O O O O O O O O O O O O O O O O O o o o o o W O F J Q V CO W O CO 00 00 — In V CO O V CO W CO O LO CT In V CO N LO M CO N CY) CO CO CO LO 00 r— Cr) O CO CO r— N V CT X) C r— O CT O O — In LL7 CO V N Lf) r— N co r— co r— N V r— Lf) W N N— Co Co O Lf) co Lf) W Lo N N oo N O r r r r X Z C)aJ N d \\\\\ o 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\\\ 0 0 0 0 0 \\\ 0 0 0 F W F U 00 V O N r V O M O CO O M M V Co CY) Co M Co N CO N V V r— N 00 CY) 00 LO = Z O 00 LO CO V O N O O LO V O V 00 -q1t- 0 CO M 00 N O O O r— CO CO 00 N LO O r— M V N V O O V N Co N Lf) V O W N N O V Lf) O O N N Lo M M =W W !Z LU C F- W J o O O O O O O O O O o O O O O o O O O O O O O O O O O O O O O o o Q Cn CO N V CO (O In V CT V 00 CO CO V V CO P— 00 LO M O V �N (p CO CO r— LO 00 CO CO N O CT O M CT CO r— CO LL7 r— M 00 LO � V CT O W W W co N co co Cf) W co CO CT Ln o0 M Co -* Co CT M Cf) CO Co CO O W N W W CO O U z 0 0 0 o O O O O O O O O O O O o 0 0 0 0 0 0 0 o O O O O O O O O o Q J V N CO M V N (p CT CT V W W O N M (p In V V CO CT CO M N D N M Z Q Cf) r— o) O LO LO LO V V LO M M Lo CO M M CO N CO O O CO CO W W N LO LO M LO P M 00 M r— N Cr) r— LO r— r r — N O CO CO r 00 CO M LO 0T r N LO r O N Co O O F Z O O O O O O O O O O O O O O O O O O O O O O O O O O o o o o o O O LU J S W F CT M V CO Lf) CO CT 00 Mr— O N 00 O � CO N M Lf) Cr) V CO M � M� N O CT N N CO W — N M O V N M— O N N M N N CO N— N N-- M N N Q S L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O x cn 0 a W 0 o O O O O O O O o 0 0 0 0 0 0 o o o o o O O O O O O O O O o O O O F J LO V M CO CO O V CO CT N CT N O 00 O CO LL7 O 0 0 CO q.*Co O� N C=> r— Q F O M O In M Lf) Lf) co Lf) r— W O CO — N W co r— CO N N N CO N co r— Lf) r N O N O Co Lo O CT V W W Co N Lf) W LL7 oo M O N CO CO O O N CO Z N d o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F W 00 CO O N O O M CO CT CT O V LO LO r— CC CO N N Cr) V � O 00 M 00 LL7 NCC 00 FO U _ (O V CT CT N r—V O � V CT CT CO CO CO � CO LO NNM 00 CO O M O O W I— MLO V O O LO N Ln N V M O 00 M N O CO CO O O N N M N V O x LU a LU F W �� LF J ���*� o O O O O ����*_ O O O O O ���� O O O O O o o o o o o o o o o o o o o o ��� 0 0 o Q r— 00 CO CO V CO LO CO CO00 O V LO 00 N CT CO LL7 00 O M O V r— CO N LO r— CO LO M LO CY) 00 q-* q -*00 M 00 CT r— CO LO P— N LO 00 r— CO M N D O O 00 O r- O V A — In - OCf) r— r— Cr) Cr) N V 00 Cr) LO 00 -* r— M LO V A N Lf) CO LO CO O� r— 00 LO O U z (n of 00 V CT O N N LO r— CO O r— 00 M O M N LO CT CT M O In V 1�00 CO O CO N LO r— O N S Q W M W l!') 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O Q z X 0 0 a) a) O O a) O O O O O O O �2 0 0 0 �2 T O H O 0 0 -- O Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z Z O O O c O O 0 O O O O O O c L O O O O O O O c O L c O O c c O c O Z Q 2 W 00 M� CT W N W M W V M W� (p LO M— CO — In � CT V� O N O r— C � (p r— r— O M V N V Cn O�� CO CO O CO N N r� LL7 CO Lo N 00 In CT (p Q . CT Lo Lo Lo W CT V O CO Cl) V CO O Ncl) W W CO M O N N N CO O CO U _ CD 11 O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O o D J Z Q O V N V l!') N— In V In M M W N O O O N CO W V e r— -- — LO O r— MD N CO- O. 00 00 CT M - M - V � M O M O LL7 O 00 N W W Cl? UQ O O O O O 0 0 0 0 0 0 0 0 0 0 0— 0 O O O N O O O O O O 0 0 U 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D J Z Q V LO M M P— CT N N W CO 00 N M W V V cq V CT V M LC? O OT O O N O-*'* 00 r— M O M V N CO Lf) O P— P— CO CO Ocy) CO N N LO CO V N LO CT CO O o) (O Lo Lo W aT V O CO V V r c D N W W CO V O N N N CO O CO Ln Z 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 J S Cl CT O CT r— CO O CT O M CT O V V O CO O CT CO CO CT In O O LL7 CT O W CO < � L¢ N V N O O O O O M O � O O O O O O N N O O O O O M N O O O O O N N N N O O O O O N M N O O O O O N N O O C: - CO Cn 0 d C, O O O O O O O O O o o O O O O O O O O O O O O O O O O O O O O o o W O F- H J Q LO LO V CO V r— O O co CT N O O l!') N V O LO LO M CT CO O 00 CT r— CO N M CT LO LO N 00 V 00 CO r- O 00 P— LO V V N O O CO r- CY) Mq1t LO N C:- CO r— CO In In W CT V O CO V V CO O DN OCO V O N N CO O CO Lo OCT � x �aJ N d \\\\\ o 0 0 0 0 \\\\\ 0 0 0 \\\\\ 0 0 0 \\\\\ 0 0 0 0 \\\\\ 0 o 0 0 \\\\\ 0 0 0 0 0 \\\ 0 o 0 F W F 0 U CO CO M M C C M N N M O CO0 r- V C O M N�� C CO CCO N LO CO (p 00 00 M Z O � CO CT In V CO O O W � 00 W��� In �� ��� 00 CO In N W In CO LO O H O M CO M O =W Om M Om — Lo O N N O N co co N� O N O00 00 LO V M O W N CO LO CO W CZ LU L 95 W J o O o O O O O O O O O O O O O O O O O O O O O o o o o o o o o o o Q00 r— CT N CO O W 00 P V CO O W N V W O CO V N CT 00 q-* c,4 N CO CY) CO CO 00 Lo O CO r— r— LO N V N CO V N M CO o) LO q.* C2 0LO M O, LO r— CO r - CO Mm Ocl) O N Lo V r— CT N N Lo Lf) r— � O � o) o) o) co r— O O O W O U z o o o o o o o o o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D J - M W 00 M M N LO N � N M N W V CO N M M 00 O M W N M LO LO 000 M LO CO UO In V In CT V O O M V In O N O W CO N O N N N CO O N Z o 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LU J S 0- 0- r— W O W Lo O O LO O O O V O LO CO � LL7 CT r—CO 00 V CO M N O O O V N CO N M N M N O N LL7 N O N N N N N N N N N N N N Q S L¢ O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O C: - CO cn 0 a N D o o o o o o o o 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 W J r- M - r- r- CT CT O� O MLO � M 00 O CO CO In LO LO O M O CO LO In CO r— Q Q CT — LO O LO N— co O O M N r— O CY) CY) N CO N r— CT O O N O 00 LL7 CO O U CT Lo V Lo r— o) V O O r— M V Lo O N oo O H O W CO O N N N LL7 C:- N Z N d o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 F W Cf) M 0')00 00 r V 00 N Cf) V CT cc Cf) M cc Ln M V CO 00 Cf) O � 00 r- q.* r- M FM r CO O N O LO N CO LO M r V r— N V r— 00 M O O N V r— Na) r— CT N M CO r V M O 0M W O N V O co LO O N N N M M N CT O N 00 CT LO CO M O-* N CO O CO V O x LU a LU � W �� LJ o o o o o o o o o o o 0 o o o o o o o o o o o o 0 0 0 0 0 0 0 0 o Q cf)O 'c* 00 00 O CT 00 V V M V CT N CO 00 r— CO CT O LO r- LO CT N CT CO LO r— CT V LO CO r— M L2 r— � C> C14 CO CO CT r— LO O CT CO M CT r 00 00 LL7 M N r—� 00 LO -* CO N r- o) N O Lo V r— oo N Lo O O V CO CT � � o) W O W co ��� O Wm O U z T In M W CO O CO CO (p M W WnO In CMO NO CO 7)n N cc (p (Np c N S W M V N Co C14C14MNCO OT Co CO i E •O O N O r- Lf) CO N u) M r- N r- Lf) CT In M O cO CT CO 00 CT N u M Cp O u m CO O Q V co N In co M N N O W N M N M CO N U Q W co co J 0 - co W_ a) a) n a) J O L L U (6 W �_ -a Q N Q 'o O 'O C -0 > U (6 O (6 (n c J 2i c6 00 > m a) a) C6 T C6 a) a) C6 2 c C) 2 '� 'O i N O a) E O O- t > C Q C Y C C6 (6 Q (6 -0 O C to to 0 O O m= d d U Q O_ E c cn cn cn cn cn — O cn cn cn cn cn S S � cn cn cn cn cn cn cn cn cn cn 2i 2i cc (6 cn co (6 (6 N a) a) N N N m co CO r— 00 O N M V CO 00 V Cn CO 00 M O r— M N V V CO 00 CO 00 N V CO 00 M N N N N N N N N N N N N N N N N N N N N N N N N CO N N N N N N N N Z a) Un a Z 10 Cl) w W Lu m H >- U cn W I --o zLL. 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O Ln = 00000 — 0"0— - rn � rn p Z, Z Z, Z Z Z Z- Z O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O D J - Z Q S w O N N O V N 00 N 00 CT O V CT O N r- CT CO O O LO CT V Cl) Cl) CO V Cl) r- O CO O r- N M N M- N 00 LO r- CO 00 00 CT O N S M CO CO CO CT O N Ln N M Cn O In CO CO CO CO O N MW In CO M N O 00 - M 00 V V 00 M Lf) N N Ln r- O N CT CO CO _ CD 0- O o o o O O O O O o O O O O O O O O O O O O O O O O O O O O O O O Lu 0 J CO V V P P- CT N CO LO P- V 00 CO 00 CO r- CO O N 00 Z Q O M CO M In O CT M r- N N r- Cl) N r N N LO CO In N M M N CO CO N UQ 0 0 0 0 0 0 0 O O O O O O O O N 0 0 0 0 0 0 O O U S U 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 D J CT N N O VO CT M O LO CT O M O 00 O r-cy) Lf) CO CO CT � M 00 CO CO M L n Z Q LO 00 N 00 M r N M V CO V r- r- CY) N M r- LO N CO N O CT CT CT N N M CO CO CO CO O M V r- W Lf) CO Cl) N OCY) M CT LO LO 00 M CO N N LO r- O CT r- CO UIn N r Z O O O O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 0 o O J= O O O O CO O V M M CO V N M CO N C2 O CT CO M In M 00 c CT O (p W CO 0- W N 0 0 0 0 O O O O O � N M O O O O O M N O O O O O N 1* O O O O O CO V N N O O O O O A N N N O O O O O O O O O x CO 0 d V% w O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O o 0 W O H J Q 00 N N O V M 00 N 00 LO O r- 00 CY) 0 0 CT CY) P- N M CO O V CO LO CO r N 00 CY) �D r O LO N V O M V 00 N 0T 00 CO cy) O Ln LO 00 00 r- r- M O N In CO CO CO CO O M M CO W Lf) CO M N O�- M� V LO r- M LO N r- O CT P- CO U r r r r r N r X Z ~ �aJ N d \\\\\ o 0 0 \\\\\ 0 0 0 0 \\\\\ 0 0 0 \\\\\ 0 0 0 0 \\\\\ 0 0 0 0 \\\\\ 0 0 0 0 \\\ 0 0 0 H W H U COC CO CO O 00 C CO V M N N 00 CT In C C N O M LO O C W O CO N O C C r- 10 CO M M Cn N N � Z O 0') 0') W CO 00 W W CO A Lf) CO V W V � W Lf) O Lf) W � V CO N N � CO CO �� CO � Lf) _ W 0 O Lf) Lf) CO r- W M- O V N O O O M M O M- M- N M N N 00 r CZ LU H W � F- W J O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O Q C)q-* Cn CO P -CO V W V M In V M 00 W� c=> q.* Cn O CT C> CO V O V O V C C C LO Ln m CO O M O CO 00 V O W In CT CO N cq M m N (p N Nm M N Ln V � CO O O CT O CT CT r -CT N CO M M Lf) N N r- N O Lo Lf) CO o) V � oo N Lo � O CO O U z O O O O O o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 J V r- W W N O a) 10 M O- � M 10 S M O O r- W W 00 r- W IMC) CSO CMO LO N CLO C10 LO O LO CO LO CO LO O N Cr) LO r- LO CO N N O r- NM � V V r- N LO LO CO O W LO CO O r r r N r c� Z O O O O O O O O O O O O O O O O O O O O O o 0 0 0 0 0 0 0 0 0 o O LU J= 0- 0- O O O O r- M CO M r- N V CO V Cr) r � CO O CO LO N Cr) CO 00 00 N CT O C 2 CO ~ N 0 0 0 0 - CO- N N co N co N CO CO N N N N N ! 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N >- mN CO 00 O N CO CO CO I— r— I— 00 V Ln CO r— r— r— r— r— O N V CO I— W W W W W 00 O N M Ln W CT m m m CO 00 CT O co CT m CT O O m V CO I— 00 O O O O O O N V Ln 00 M M M M M M M M M M M M M M M M M M M M M M M V V :'t :'t :'t :'t :'t Z a) Un a RECONCILIATION OF FULL CONTRIBUTION RATES FROM PRIOR VALUATION REPORT Texas Municipal Retirement System Section 3 Actuarial Valuation as of December 31, 2015 Section 3 Texas Municipal Retirement System Changes in Full Retirement Rate from Prior Actuarial Valuation Report The following Schedule provides detail of the reconciliation in the Full Rate for each participating employer from the prior valuation. Actuarial valuations are based on long term assumptions and actual results in a specific year can and almost certainly will differ, as actual experience deviates from the assumptions. The following is a brief explanation of the most common sources for deviation. Benefit Chances - Shows the increase or decrease in the contribution rate associated with any modifications made to the member city's TMRS plan provisions. Assumption & Method Changes - Shows the increase or decrease in the contribution rate associated with actuarial assumption and method changes made, if any, as of the current valuation date and approved by the Board of Trustees. Return on Actuarial Value of Assets - Shows the change in the contribution rate associated with the return on the Actuarial Value of Assets (AVA) being different than the assumed 7.00% for the prior year. For the year ending December 31, 2015 the return on an AVA basis was 6.69%, so most cities saw an increase in their contribution rate (some show 0.00% due to rounding). Contribution Lae/Phase In - Shows the total increase or decrease in the contribution rate associated with the phase in of city contribution rates and any additional contributions above the full rate that the city made to its plan. The effect of the "Contribution Lag" is included here, as well, and refers to the time delay between the actuarial valuation date and the date the contribution rate becomes effective. For TMRS member cities, the "Lag" is one year (i.e. the Actuarial Valuation as of December 31, 2015 set the rate effective for Calendar Year 2017.) The Phase In amount reflects contributing a portion of the full rate increase due to changes in the December 31, 2013 valuation phased in at a rate of 0.50% per year. Payroll Growth - Shows the increase or decrease in the contribution rate associated with larger or lower than expected growth in the member city's overall payroll. The amortization payments are calculated assuming payroll grows at 3.0% per year. Overall payroll growth in excess of 3.0% will typically cause a decrease in the amortization rate. Normal Cost - Shows the increase or decrease in the contribution rate associated with changes in the average Normal Cost Rate for the individual city's population. The normal cost rate for an employee is the contribution rate which, if applied to a member's compensation throughout their period of anticipated covered service with the municipality, would be sufficient to meet all benefits payable on their behalf. The normal cost rate for employer is the pay -weighted average of the individual normal cost rates and will generally increase (decrease) as the average entry age of the group increases (decreases). Liability Growth - Shows the increase or decrease in the contribution rate associated with larger or lower than expected growth in the member city's overall plan liabilities than assumed. The most significant sources for variance will be individual salary increases compared to the assumption and turnover. O 2 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Total Changes in Full Retirement Rate M 3 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Change Due to Assumption Changes F Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Change Due to Return on Actuarial Value of Assets M 5 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Change Due to Contributions Different than Actuarial Rate M II Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Change Due to Payroll Growing Faster or Slower than Expected M 7 Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Change Normal Cost Rate M N. Texas Municipal Retirement System Actuarial Valuation as of December 31, 2015 Distribution of Changes Change Due to Liability Experience M E Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 4 Abernathy 3.17% 0.00% 0.44% 0.02% 0.00% 0.06% -0.56% 0.14% 0.10% 3.27% 6 Abilene 10.02% 0.00% 1.18% 0.08% -0.04% -0.04% 0.04% 0.02% 1.24% 11.26% 7 Addison 9.33% 0.00% 1.07% 0.10% -0.01% -0.01% -0.01% -0.20% 0.94% 10.27% 10 Alamo 7.27% 0.00% 0.10% 0.03% -0.03% -0.03% 0.04% 0.01% 0.12% 7.39% 12 Alamo Heights 17.03% 0.00% 0.09% 0.05% -0.07% -0.18% 0.11% -0.10% -0.10% 16.93% 14 Alba 2.45% 0.00% 0.90% 0.04% -0.03% 0.00% -0.23% -0.06% 0.62% 3.07% 16 Albany 4.41% 0.00% 0.59% 0.02% 0.02% 0.01% -0.18% -0.18% 0.28% 4.69% 17 Aledo 7.03% 0.00% 0.89% 0.03% 0.03% 0.00% -0.27% -0.08% 0.60% 7.63% 18 Alice 9.33% 0.00% 0.34% 0.05% -0.03% -0.02% 0.03% -0.24% 0.13% 9.46% 19 Allen 13.71% 0.00% 0.26% 0.06% -0.05% -0.12% 0.00% 0.08% 0.23% 13.94% 20 Alpine 0.37% 0.00% 1.02% 0.00% -0.03% 0.14% 0.00% -0.29% 0.84% 1.21% 22 Alto 9.10% 0.00% 0.99% 0.04% 0.18% -0.18% 0.09% 0.45% 1.57% 10.67% 23 Alton 12.39% 0.00% 0.73% 0.03% 0.14% -0.12% 0.14% 0.14% 1.06% 13.45% 24 Alvarado 4.46% 0.00% 0.88% 0.02% 0.00% -0.02% 0.05% -0.15% 0.78% 5.24% 26 Alvin 16.89% 0.00% 0.48% 0.07% 0.05% 0.39% 0.13% -0.21% 0.91% 17.80% 28 Alvord 5.74% 0.00% 1.14% 0.05% -0.12% -0.07% 0.00% 0.29% 1.29% 7.03% 30 Amarillo 10.96% 0.00% 1.20% 0.07% -0.01% 0.04% -0.02% 0.16% 1.44% 12.40% 32 Amherst 6.24% 0.00% 0.17% 0.03% -0.37% 0.08% 0.06% -2.86% -2.89% 3.35% 34 Anahuac 8.53% 0.00% 0.84% 0.05% 0.32% -0.40% -1.72% -1.26% -2.17% 6.36% 36 Andrews 15.66% 0.00% 0.68% 0.09% -0.08% -0.35% -0.10% -0.39% -0.15% 15.51% 38 Angleton 11.91% 0.00% 0.32% 0.05% -0.06% -0.07% -0.12% -0.16% -0.04% 11.87% 40 Anna 14.24% 0.00% 0.06% 0.03% -0.07% -0.19% 0.56% -0.14% 0.25% 14.49% 41 Annetta 2.29% 0.00% 0.63% 0.01% -0.06% 0.15% 0.18% 0.31% 1.22% 3.51% 44 Anson 1.06% 0.00% 0.54% 0.03% -0.03% 0.00% -0.25% -0.12% 0.17% 1.23% 45 Anthony 2.76% 0.00% 0.46% 0.01% -0.01% -0.03% -0.06% -0.01% 0.36% 3.12% 48 Aransas Pass 10.87% 0.00% 0.31% 0.05% -0.09% -0.07% 0.22% -0.08% 0.34% 11.21% 50 Archer City 3.43% 0.00% 0.61% 0.02% 0.01% 0.00% 0.11% -0.01% 0.74% 4.17% 51 Argyle 14.99% 0.00% 0.44% 0.06% -0.08% -0.20% -0.84% -0.17% -0.79% 14.20% 52 Arlington 14.93% 0.00% 0.94% 0.09% 0.00% 0.02% -0.02% -0.38% 0.65% 15.58% 54 Arp 1.45% 0.00% 0.80% 0.04% -0.03% 0.01% -0.08% -0.07% 0.67% 2.12% 60 Aspermont 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 62 Athens 21.21% 0.00% 0.14% 0.06% 0.02% -0.06% -0.01% -0.19% -0.04% 21.17% 64 Atlanta 4.10% 0.00% 0.25% 0.03% 0.00% 0.02% 0.02% -0.15% 0.17% 4.27% 66 Aubrey 2.02% 0.00% 1.05% 0.03% 0.05% 0.01% 0.12% 0.08% 1.34% 3.36% 74 Avinger 1.35% 0.00% 0.87% 0.06% -0.02% 0.02% 0.00% -0.09% 0.84% 2.19% 75 Azle 11.88% 0.00% 0.44% 0.05% 0.02% 0.03% -0.10% -0.20% 0.24% 12.12% 77 Baird 0.00% 0.00% 0.48% 0.03% 0.00% 0.19% 0.00% 0.10% 0.80% 0.80% 78 Balch Springs 14.10% 0.00% 0.28% 0.05% -0.16% -0.19% -0.02% 0.34% 0.30% 14.40% 79 Balcones Heights 18.44% 0.00% 0.69% 0.08% -0.04% -0.30% -0.57% -0.23% -0.37% 18.07% 80 Ballinger 3.48% 0.00% 0.39% 0.04% -0.01% -0.03% -0.08% -0.02% 0.29% 3.77% 82 Balmorhea 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 83 Bandera 9.83% 0.00% 0.66% 0.07% -0.15% 0.05% -0.48% -0.59% -0.44% 9.39% 84 Bangs 13.43% 0.00% 0.52% 0.06% -0.02% -0.06% -0.26% -0.88% -0.64% 12.79% 90 Bartlett 7.15% 0.00% 0.74% 0.02% 0.15% -0.14% 0.28% -1.31% -0.26% 6.89% 91 Bartonville 12.50% 0.00% 1.58% 0.05% 0.31% 0.32% 0.24% 0.27% 2.77% 15.27% 92 Bastrop 10.87% 0.00% 0.83% 0.04% -0.01% -0.03% -0.26% 0.13% 0.70% 11.57% 94 Bay City 9.63% 0.00% 0.47% 0.07% -0.10% -0.10% -0.09% 0.08% 0.33% 9.96% 93 Bayou Vista 2.81% 0.00% 0.44% 0.02% -0.05% 0.21% 0.49% -0.04% 1.07% 3.88% 96 Baytown 17.40% 0.00% 0.40% 0.10% -0.16% -0.42% -0.08% 0.14% -0.02% 17.38% 98 Beaumont 19.17% 0.00% 0.56% 0.09% 0.06% 0.49% -0.04% -0.63% 0.53% 19.70% 100 Bedford 8.02% 0.00% 0.96% 0.01% 0.01% -0.04% 0.01% -0.03% 0.92% 8.94% 101 Bee Cave 9.29% 0.00% 1.03% 0.03% -0.06% 0.01% -0.04% -0.20% 0.77% 10.06% 1 02 Beeville 0.25% 0.00%0.86% 0.04% -0.02% 0.07% -0.15% -0.01 % 0.79% 1.04% 106 Bellaire 21.20% 0.00% 0.05% 0.10% -0.10% -0.22% -0.17% 0.01% -0.33% 20.87% Page 1 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 109 Bellmead 9.00% 0.00% 0.79% 0.05% -0.01% -0.01% 0.04% -0.87% -0.01% 8.99% 110 Bells 0.02% 0.00% 0.23% 0.00% -0.02% 0.00% 0.00% 0.00% 0.21% 0.23% 112 Bellville 14.00% 0.00% 0.53% 0.05% -0.02% 0.04% 0.01% 0.15% 0.76% 14.76% 114 Belton 6.84% 0.00% 0.77% 0.04% -0.04% -0.05% 0.03% -0.04% 0.71% 7.55% 118 Benbrook 17.35% 0.00% -0.07% 0.10% -0.04% -0.16% 0.06% -0.30% -0.41% 16.94% 121 Berryville 1.66% 0.00% 0.70% 0.04% 0.00% 0.00% 0.13% 0.19% 1.06% 2.72% 123 Bertram 1.42% 0.00% 0.49% 0.03% -0.07% -0.01% 0.00% -0.03% 0.41% 1.83% 124 Big Lake 18.33% 0.00% -0.31% 0.08% -0.14% -0.66% -0.07% 0.30% -0.80% 17.53% 126 Big Sandy 2.68% 0.00% 0.79% 0.04% -0.02% 0.08% 0.00% -0.44% 0.45% 3.13% 128 Big Spring 16.11% 0.00% 0.98% 0.07% -0.05% -0.29% -0.20% 0.31% 0.82% 16.93% 132 Bishop 3.75% 0.00% 0.37% 0.04% -0.06% 0.02% -0.02% -0.47% -0.12% 3.63% 134 Blanco 1.34% 0.00% 0.57% 0.03% 0.00% 0.00% -0.28% 0.00% 0.32% 1.66% 140 Blooming Grove 7.72% 0.00% 1.34% 0.08% 0.00% -0.03% 0.00% 0.98% 2.37% 10.09% 142 Blossom 3.10% 0.00% 1.35% 0.09% -0.28% 0.06% -0.52% -0.17% 0.53% 3.63% 143 Blue Mound 4.53% 0.00% 0.63% 0.01% 0.02% -0.03% -0.01% -0.01% 0.61% 5.14% 144 Blue Ridge 0.29% 0.00% 0.63% 0.01% 0.01% -0.15% 0.34% 0.10% 0.94% 1.23% 148 Boerne 17.79% 0.00% 0.53% 0.06% -0.10% -0.22% 0.19% 0.07% 0.53% 18.32% 150 Bogata 0.00% 0.00% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.07% 0.07% 152 Bonham 4.28% 0.00% 0.93% 0.05% -0.05% 0.00% 0.10% -0.26% 0.77% 5.05% 154 Booker 5.24% 0.00% 0.50% 0.04% -0.04% 0.00% -0.01% -0.04% 0.45% 5.69% 156 Borger 15.12% 0.00% 0.49% 0.08% -0.15% -0.27% 0.29% -0.63% -0.19% 14.93% 158 Bovina 0.00% 0.00% 0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.04% 160 Bowie 9.50% 0.00% 0.56% 0.05% 0.00% 0.28% -0.05% -0.04% 0.80% 10.30% 162 Boyd 3.13% 0.00% 0.81% 0.02% -0.03% 0.04% -0.35% -0.14% 0.35% 3.48% 166 Brady 10.03% 0.00% 0.92% 0.04% -0.07% -0.09% 0.43% -0.63% 0.60% 10.63% 170 Brazoria 8.14% 0.00% 0.94% 0.06% 0.01% 0.06% -0.02% -0.50% 0.55% 8.69% 172 Breckenridge 7.29% 0.00% 0.53% 0.04% -0.08% -0.04% 0.07% -0.01% 0.51% 7.80% 174 Bremond 15.12% 0.00% 2.69% 0.06% 0.16% 0.17% 0.28% -0.18% 3.18% 18.30% 176 Brenham 5.87% 0.20% 1.14% 0.06% 0.00% 0.15% -0.03% -0.34% 1.18% 7.05% 177 Bridge City 14.89% 0.00% 0.37% 0.08% -0.06% 0.19% -0.40% 0.02% 0.20% 15.09% 178 Bridgeport 13.38% 0.00% 0.50% 0.06% 0.06% 0.08% -0.80% 0.16% 0.06% 13.44% 180 Bronte 9.00% 0.00% 2.26% 0.12% 0.09% 0.94% -0.03% 0.05% 3.43% 12.43% 182 Brookshire 3.83% 0.00% 1.16% 0.06% -0.06% 0.05% 0.07% -0.07% 1.21% 5.04% 184 Brownfield 7.68% 0.00% 0.93% 0.07% -0.45% -0.03% 0.08% -0.66% -0.06% 7.62% 10188 Brownsville 17.74% 0.00% 0.07% 0.10% -0.10% -0.09% -0.04% -0.08% -0.14% 17.60% 20188 Brownsville PUB 12.12% 5.28% 0.21% 0.07% 0.25% -0.01% -0.02% -0.36% 5.42% 17.54% 10190 Brownwood 14.01% 0.00% 0.49% 0.07% -0.03% 0.02% -0.20% -0.58% -0.23% 13.78% 30190 Brownwood Health Dept. 9.75% 0.00% 1.20% 0.06% 0.08% -0.01% -0.32% 0.30% 1.31% 11.06% 20190 Brownwood Public Library 3.05% 0.00% 0.67% 0.03% -0.02% 0.33% 0.03% 0.11% 1.15% 4.20% 195 Bruceville-Eddy 4.47% 0.00% 0.77% 0.03% -0.03% 0.07% -0.07% 0.00% 0.77% 5.24% 192 Bryan 15.04% 0.00% 0.59% 0.08% -0.04% -0.12% -0.06% -0.20% 0.25% 15.29% 193 Bryson 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 194 Buda 13.66% 0.00% 0.32% 0.03% 0.10% -0.28% 0.52% 0.48% 1.17% 14.83% 196 Buffalo 4.06% 0.00% 0.84% 0.05% 0.00% -0.01% -0.21% -0.03% 0.64% 4.70% 198 Bullard 6.96% 0.41% 0.66% 0.03% 0.04% -0.06% -0.33% -0.02% 0.73% 7.69% 203 Bulverde 8.24% 0.00% 0.60% 0.03% 0.07% -0.05% -0.03% 0.35% 0.97% 9.21% 199 Bunker Hill Village 9.78% 0.00% 1.46% 0.12% -0.04% 0.00% -0.23% 0.29% 1.60% 11.38% 200 Burkburnett 10.03% 0.00% 0.88% 0.07% -0.02% -0.08% -0.44% -0.98% -0.57% 9.46% 202 Burleson 15.10% 0.00% 0.45% 0.06% -0.03% -0.11% -0.12% 0.07% 0.32% 15.42% 204 Burnet 12.30% 0.00% 0.45% 0.05% 0.02% 0.04% -0.18% 0.06% 0.44% 12.74% 207 Cactus 2.24% 0.00% 0.55% 0.02% -0.04% 0.10% -0.10% -0.17% 0.36% 2.60% 208 Caddo Mills 3.26% 2.63% 0.73% 0.02% 0.20% -0.05% -0.40% -0.09% 3.04% 6.30% 210 Caldwell 8.77% 0.00% 0.61% 0.07% -0.04% -0.01% 0.01% -0.31% 0.33% 9.10% 212 Calvert 0.69% 0.00% 0.40% 0.02% -0.04% 0.04% 0.11% 0.10% 0.63% 1.32% Page 2 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 214 Cameron 10.12% 0.00% 0.39% 0.04% -0.09% -0.10% -0.10% 0.12% 0.26% 10.38% 220 Canadian 14.95% 0.00% 0.05% 0.06% -0.13% -0.29% 0.01% 0.29% -0.01% 14.94% 222 Canton 11.25% 0.00% 1.00% 0.05% -0.07% -0.19% -0.03% 0.22% 0.98% 12.23% 224 Canyon 16.97% 0.00% 0.63% 0.09% -0.07% -0.22% 0.07% -1.08% -0.58% 16.39% 227 Carmine 1.71% 0.00% -0.65% 0.10% -0.05% 0.04% 0.00% 0.17% -0.39% 1.32% 228 Carrizo Springs 5.02% 0.00% 0.17% 0.04% -0.13% -0.15% 0.12% 0.14% 0.19% 5.21% 230 Carrollton 11.48% 0.00% 1.26% 0.11% -0.16% -0.06% 0.02% -0.21% 0.96% 12.44% 232 Carthage 18.66% 0.00% 0.33% 0.09% 0.02% -0.05% 0.15% -0.97% -0.43% 18.23% 231 Castle Hills 12.12% 0.00% 0.22% 0.08% -0.12% -0.17% 0.03% -0.58% -0.54% 11.58% 234 Castroville 9.07% 0.00% 0.58% 0.04% 0.01% -0.11% -0.03% -0.39% 0.10% 9.17% 238 Cedar Hill 12.60% 0.00% 0.90% 0.06% -0.01% 0.06% -0.04% 0.07% 1.04% 13.64% 239 Cedar Park 9.35% 2.19% 0.88% 0.05% 0.13% -0.07% 0.03% 0.02% 3.23% 12.58% 240 Celeste 9.03% 0.00% 0.75% 0.02% -0.30% -3.37% 0.75% 0.56% -1.59% 7.44% 242 Celina 5.19% 0.00% 0.93% 0.03% -0.06% 0.14% 0.10% 0.04% 1.18% 6.37% 244 Center 16.60% 0.00% 0.54% 0.06% 0.06% -0.22% 0.00% -0.40% 0.04% 16.64% 246 Centerville 16.44% 0.00% 2.96% 0.10% 0.38% 0.29% 0.54% -2.06% 2.21% 18.65% 247 Chandler 4.72% 0.00% 0.48% 0.02% -0.08% -0.41% -0.09% -0.06% -0.14% 4.58% 248 Charlotte 6.29% 0.00% 0.33% 0.05% -0.17% -0.61% 0.19% 0.92% 0.71% 7.00% 249 Chester 0.55% 0.00% 2.63% 0.29% -0.08% 0.06% 0.03% -0.05% 2.88% 3.43% 245 Chico 3.26% 0.00% 0.56% 0.03% -0.02% -0.20% -0.10% 0.14% 0.41% 3.67% 250 Childress 14.71% 0.00% 0.65% 0.06% -0.06% -0.52% -0.05% 0.22% 0.30% 15.01% 253 Chireno 18.78% 0.00% 0.65% 0.08% -0.05% -0.85% -0.17% 0.19% -0.15% 18.63% 254 Christine 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 255 Cibolo 12.04% 0.00% 0.49% 0.03% -0.08% -0.05% 0.32% 0.07% 0.78% 12.82% 256 Cisco 2.26% 0.00% 0.55% 0.05% -0.06% 0.09% -0.07% -0.38% 0.18% 2.44% 258 Clarendon 0.00% 0.46% 0.59% 0.03% 0.02% 0.16% 0.10% -0.07% 1.29% 1.29% 259 Clarksville 3.63% 0.00% 0.67% 0.06% -0.03% 0.22% 0.10% -0.09% 0.93% 4.56% 260 Clarksville City 0.96% 0.00% 1.92% 0.13% -0.06% -0.07% 0.58% 0.01% 2.51% 3.47% 263 Clear Lake Shores 10.76% 0.00% 0.35% 0.03% -0.06% -0.25% 0.08% 0.19% 0.34% 11.10% 264 Cleburne 18.20% 0.00% 0.52% 0.07% 0.09% 0.22% -0.07% -0.43% 0.40% 18.60% 266 Cleveland 9.86% 0.00% 0.87% 0.04% -0.02% 0.08% 0.01% -0.28% 0.70% 10.56% 268 Clifton 0.73% 0.00% 0.55% 0.03% -0.01% 0.00% -0.02% 0.12% 0.67% 1.40% 271 Clute 9.96% 0.00% 1.31% 0.07% -0.04% 0.02% 0.00% -0.47% 0.89% 10.85% 272 Clyde 12.86% 0.00% 0.27% 0.05% -0.03% -0.02% 0.11% -0.16% 0.22% 13.08% 274 Coahoma 4.59% 0.00% 1.33% 0.05% -0.10% 0.03% 0.01% 0.23% 1.55% 6.14% 276 Cockrell Hill 7.96% 0.00% 0.72% 0.05% 0.01% -0.02% -0.53% -0.04% 0.19% 8.15% 278 Coleman 17.73% 0.00% 1.58% 0.08% -0.13% -0.47% 0.08% -2.09% -0.95% 16.78% 280 College Station 12.78% 0.00% 0.69% 0.07% -0.07% -0.18% -0.04% 0.15% 0.62% 13.40% 281 Colleyville 7.58% 0.00% 0.83% 0.07% -0.01% 0.04% -0.07% -0.01% 0.85% 8.43% 282 Collinsville 0.66% 0.00% 0.46% 0.02% 0.01% 0.11% -0.04% 0.15% 0.71% 1.37% 283 Colmesneil 6.70% 0.00% 1.53% 0.06% 0.00% 0.20% -0.04% 0.16% 1.91% 8.61% 284 Colorado City 8.18% 0.00% 0.91% 0.05% 0.02% 0.01% 0.13% -0.17% 0.95% 9.13% 286 Columbus 13.15% 0.00% 0.67% 0.06% 0.02% 0.20% 0.03% -0.36% 0.62% 13.77% 288 Comanche 4.98% 0.00% 0.17% 0.05% 0.01% 0.05% 0.09% -0.87% -0.50% 4.48% 290 Commerce 8.38% 0.00% 0.62% 0.05% -0.02% -0.01% 0.03% -0.05% 0.62% 9.00% 294 Conroe 16.06% 0.00% 0.54% 0.09% -0.08% -0.32% -0.05% 0.11% 0.29% 16.35% 295 Converse 13.83% 0.00% 0.54% 0.05% -0.04% 0.02% 0.13% -0.05% 0.65% 14.48% 298 Cooper 5.28% 0.00% 0.97% 0.06% 0.00% 0.01% 0.03% -2.39% -1.32% 3.96% 299 Coppell 15.11% 0.00% 0.37% 0.08% -0.05% -0.06% -0.20% 0.23% 0.37% 15.48% 297 Copper Canyon 12.49% 0.00% 1.28% 0.08% -0.14% -0.08% 0.00% 0.28% 1.42% 13.91% 300 Copperas Cove 12.31% 0.00% 0.29% 0.07% 0.02% 0.07% -0.10% -0.33% 0.02% 12.33% 301 Corinth 15.02% 0.00% -0.08% 0.06% -0.05% -0.05% 0.67% -0.18% 0.37% 15.39% 302 Corpus Christi 9.58% 0.40% 1.56% 0.08% -0.40% -0.13% -0.01% -0.36% 1.14% 10.72% 304 Corrigan 0.86% 0.00% 0.52% 0.03% -0.13% 0.00% 0.30% 0.01% 0.73% 1.59% Page 3 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 306 Corsicana 14.00% 0.00% 1.87% 0.08% -0.02% 0.37% -0.04% -0.08% 2.18% 16.18% 308 Cotulla 5.84% 0.00% 0.55% 0.02% -0.03% -0.19% 0.05% 0.15% 0.55% 6.39% 310 Crandall 10.95% 0.00% 0.65% 0.05% -0.02% 0.02% -0.97% -0.20% -0.47% 10.48% 312 Crane 10.30% 0.00% 1.25% 0.08% 0.01% 0.01% 0.25% -1.33% 0.27% 10.57% 314 Crawford 0.20% 0.00% 0.44% 0.01% 0.00% 0.04% 0.19% -0.04% 0.64% 0.84% 316 Crockett 8.11% 0.00% 0.70% 0.06% -0.01% 0.05% -0.03% -0.61% 0.16% 8.27% 318 Crosbyton 4.31% 0.00% 0.99% 0.07% 0.07% -0.07% 0.26% -0.52% 0.80% 5.11% 320 Cross Plains 7.57% 0.00% 0.62% 0.07% -0.08% -0.19% 0.02% 0.10% 0.54% 8.11% 321 Cross Roads 7.19% 0.00% 1.08% 0.02% 0.14% 0.03% -1.21% -0.24% -0.18% 7.01% 323 Crowley 10.26% 0.00% 0.30% 0.05% -0.03% -0.04% -0.02% 0.24% 0.50% 10.76% 324 Crystal City 0.29% 0.00% 1.20% 0.04% 0.02% 0.09% -0.05% -0.03% 1.27% 1.56% 326 Cuero 9.99% 0.00% 0.26% 0.03% -0.01% 0.00% -0.05% -0.09% 0.14% 10.13% 328 Cumby 2.36% 0.00% 0.48% 0.02% -0.01% 0.00% -0.35% -0.44% -0.30% 2.06% 332 Daingerfield 6.62% 0.00% 0.53% 0.04% -0.01% 0.02% 0.38% -0.36% 0.60% 7.22% 334 Daisetta 0.95% 0.00% 0.36% 0.02% 0.00% -0.01% -0.03% 0.05% 0.39% 1.34% 336 Dalhart 3.65% 0.00% 1.23% 0.06% -0.02% 0.01% -0.01% -0.20% 1.07% 4.72% 339 Dalworthington Gardens 21.95% 0.00% -0.04% 0.06% 0.00% 0.53% -0.15% -0.34% 0.06% 22.01% 340 Danbury 5.72% 0.00% 1.00% 0.03% 0.02% 0.05% 0.08% -0.24% 0.94% 6.66% 341 Darrouzett 1.38% 0.00% 1.68% 0.10% -0.15% 0.00% -0.02% -0.07% 1.54% 2.92% 344 Dayton 6.25% 0.00% 1.23% 0.03% -0.03% -0.06% -0.12% 0.11% 1.16% 7.41% 352 De Leon 1.25% 0.00% 0.45% 0.02% 0.00% 0.00% -0.03% -0.18% 0.26% 1.51% 10366 DeSoto 10.38% 0.00% 1.13% 0.08% 0.01% 0.02% -0.02% -0.41% 0.81% 11.19% 346 Decatur 15.02% 0.00% 0.53% 0.05% 0.05% 0.12% -0.20% -0.44% 0.11% 15.13% 348 Deer Park 13.82% 0.00% 0.52% 0.09% -0.03% -0.06% 0.00% 0.02% 0.54% 14.36% 350 Dekalb 1.28% 0.90% 0.79% 0.03% 0.05% 0.01% -0.03% 0.20% 1.95% 3.23% 354 Del Rio 4.11% 2.78% 0.69% 0.02% 0.13% -0.10% -0.02% -0.12% 3.38% 7.49% 353 Dell City 6.61% 0.00% 0.47% 0.12% 0.41% 0.88% -0.39% -0.37% 1.12% 7.73% 356 Denison 11.80% 0.00% 1.38% 0.08% -0.02% 0.06% -0.10% -0.47% 0.93% 12.73% 358 Denton 17.23% 0.00% 0.55% 0.08% -0.08% -0.34% -0.05% -0.09% 0.07% 17.30% 360 Denver City 11.59% 0.00% 0.94% 0.10% -0.03% 0.00% 0.02% -0.04% 0.99% 12.58% 362 Deport 6.90% 0.00% 0.54% 0.07% -0.69% -0.90% -0.26% -2.56% -3.80% 3.10% 370 Devine 8.21% 4.13% 0.21% 0.03% 0.17% -0.40% 0.10% 0.19% 4.43% 12.64% 371 Diboll 13.54% 0.00% 0.80% 0.07% 0.01% 0.26% -0.38% 0.00% 0.76% 14.30% 372 Dickens 0.74% 0.00% 0.61% 0.02% 0.00% 0.02% 0.02% 0.23% 0.90% 1.64% 373 Dickinson 8.45% 0.00% 0.79% 0.06% -0.03% 0.00% -0.11% -0.02% 0.69% 9.14% 374 Dilley 7.46% 0.00% 0.56% 0.02% -0.03% -0.16% 0.02% 0.18% 0.59% 8.05% 376 Dimmitt 4.65% 0.00% 1.32% 0.08% -0.06% 0.01% -0.09% -1.02% 0.24% 4.89% 382 Donna 5.08% 1.83% 1.32% 0.03% 0.08% -0.36% 0.14% 0.44% 3.48% 8.56% 379 Double Oak 5.09% 0.00% 0.69% 0.02% -0.05% -0.05% 0.00% 0.13% 0.74% 5.83% 383 Dripping Springs 1.86% 0.00% 0.62% 0.03% -0.03% -0.15% 0.12% 0.09% 0.68% 2.54% 385 Driscoll 1.97% 0.00% 1.71% 0.03% -0.01% 0.69% -0.08% 0.38% 2.72% 4.69% 384 Dublin 13.90% 0.00% 0.30% 0.05% -0.14% -0.85% -0.25% -0.21% -1.10% 12.80% 386 Dumas 6.22% 0.00% 0.16% 0.05% 0.00% -0.01% -0.10% -0.21% -0.11% 6.11% 388 Duncanville 3.41% 0.00% 1.66% 0.11% -0.03% 0.03% 0.27% -0.03% 2.01% 5.42% 394 Eagle Lake 8.07% 0.00% 0.72% 0.06% 0.01% -0.13% -0.22% 0.68% 1.12% 9.19% 396 Eagle Pass 9.08% 0.00% 0.13% 0.07% -0.05% -0.08% 0.00% -0.23% -0.16% 8.92% 397 Early 2.34% 0.00% 0.52% 0.04% -0.03% 0.00% 0.00% 0.44% 0.97% 3.31% 399 Earth 4.03% 0.00% 0.63% 0.03% -0.05% 0.01% 0.36% 0.18% 1.16% 5.19% 401 East Mountain 13.29% 0.00% 0.61% 0.04% -0.04% -0.37% 0.26% 0.62% 1.12% 14.41% 395 East Tawakoni 5.40% 0.00% 1.07% 0.06% -0.03% 0.01% -0.34% 0.19% 0.96% 6.36% 398 Eastland 8.79% 0.00% 0.59% 0.04% -0.01% 0.08% -0.24% -0.03% 0.43% 9.22% 402 Ector 1.65% 0.00% 0.54% 0.02% 0.00% 0.00% -0.07% 0.01% 0.50% 2.15% 406 Eden 5.22% 0.00%0.21% 0.04% 0.02% 0.01% -0.07% -1.980/( -1.77% 3.45% 408 Edgewood 3.52% 0.00% 0.87% 0.03% -0.01% 0.04% 0.24% -0.46% 0.71% 4.23% Page 4 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 410 Edinburg 14.56% 0.00% 0.53% 0.06% -0.05% -0.26% 0.01% 0.00% 0.29% 14.85% 412 Edna 11.26% 0.00% 0.28% 0.05% 0.00% 0.08% 0.11% 0.16% 0.68% 11.94% 414 EI Campo 11.29% 0.00% -0.05% 0.07% -0.03% -0.07% 0.09% -0.09% -0.08% 11.21% 416 Eldorado 6.57% 0.00% 0.63% 0.05% -0.04% 0.07% 0.00% 0.01% 0.72% 7.29% 418 Electra 1.87% 0.00% 0.46% 0.02% -0.02% -0.02% -0.05% -0.26% 0.13% 2.00% 420 Elgin 10.96% 2.78% 0.66% 0.05% 0.10% -0.20% -0.02% -0.09% 3.28% 14.24% 422 Elkhart 5.96% 0.00% 0.71% 0.05% 0.07% 0.27% -0.35% -0.86% -0.11% 5.85% 427 Elmendorf 0.87% 0.00% 0.41% 0.01% -0.04% 0.04% 0.22% -0.02% 0.62% 1.49% 432 Emory 4.53% 0.00% 0.69% 0.03% 0.04% 0.00% -0.53% 0.00% 0.23% 4.76% 436 Ennis 17.93% 0.00% 0.11% 0.10% -0.03% -0.04% -0.17% -0.54% -0.57% 17.36% 439 Euless 17.49% 0.00% 0.18% 0.14% 0.01% 0.08% 0.06% -0.20% 0.27% 17.76% 440 Eustace 6.02% 0.45% 1.71% 0.05% 0.27% 0.51% -0.09% -0.32% 2.58% 8.60% 441 Everman 8.45% 0.00% 0.70% 0.05% -0.03% -0.19% 0.07% -0.74% -0.14% 8.31% 443 Fair Oaks Ranch 11.24% 0.00% 0.52% 0.05% -0.07% -0.10% -0.04% -0.14% 0.22% 11.46% 442 Fairfield 2.81% 0.00% 0.98% 0.05% -0.01% -0.08% -0.15% -0.16% 0.63% 3.44% 445 Fairview 10.27% 0.00% 0.69% 0.04% 0.00% -0.18% 0.08% -0.09% 0.54% 10.81% 20444 Falfurrias 1.68% 1.38% 0.55% 0.03% 0.08% -0.02% 0.00% -0.39% 1.63% 3.31% 446 Falls City 8.67% 0.00% 0.64% 0.04% -0.07% 0.15% 0.18% 0.31% 1.25% 9.92% 448 Farmers Branch 17.62% 0.00% 0.82% 0.11% -0.03% 0.06% -0.09% -0.25% 0.62% 18.24% 450 Farmersville 8.42% 0.00% 0.37% 0.04% -0.08% -0.09% 0.17% -0.06% 0.35% 8.77% 451 Farwell 13.51% 0.00% 0.66% 0.09% 0.12% -0.01% 0.35% -0.05% 1.16% 14.67% 452 Fate 9.66% 0.00% 0.50% 0.02% -0.12% -0.06% 0.72% 0.00% 1.06% 10.72% 454 Fayetteville 0.04% 0.00% 0.68% 0.03% 0.00% -0.01% 0.00% 0.15% 0.85% 0.89% 456 Ferris 6.75% 0.00% 0.23% 0.03% 0.05% -0.01% -0.32% -0.42% -0.44% 6.31% 458 Flatonia 17.72% 0.00% 1.15% 0.09% 0.03% 0.25% 0.03% -1.34% 0.21% 17.93% 460 Florence 3.23% 0.00% 0.91% 0.03% -0.07% -0.01% -0.04% 0.19% 1.01% 4.24% 20462 Floresville 9.98% 0.00% 0.77% 0.03% -0.16% -0.43% 0.12% 0.41% 0.74% 10.72% 463 Flower Mound 9.18% 0.00% 0.78% 0.06% 0.00% -0.05% -0.03% 0.27% 1.03% 10.21% 464 Floydada 9.12% 3.93% 0.46% 0.06% 0.16% -0.07% 0.00% -0.55% 3.99% 13.11% 468 Forest Hill 13.40% 0.00% 0.23% 0.06% -0.06% -0.30% -0.02% 0.02% -0.07% 13.33% 470 Forney 14.10% 0.00% 0.10% 0.04% -0.02% -0.04% -0.06% -0.55% -0.53% 13.57% 472 Fort Stockton 10.25% 0.00% 0.24% 0.04% -0.01% -0.08% -0.09% -0.13% -0.03% 10.22% 476 Franklin 2.79% 0.00% 0.61% 0.02% 0.04% -0.12% 0.26% -0.12% 0.69% 3.48% 478 Frankston 1.88% 0.00% 0.48% 0.02% -0.06% -0.01% 0.03% 0.01% 0.47% 2.35% 480 Fredericksburg 9.25% 0.00% 0.88% 0.07% -0.06% -0.06% -0.12% -0.44% 0.27% 9.52% 482 Freeport 13.77% 0.00% 0.56% 0.06% 0.01% -0.14% -0.25% 0.35% 0.59% 14.36% 481 Freer 6.04% 0.00% 0.31% 0.02% -0.04% -0.03% 0.06% 0.13% 0.45% 6.49% 483 Friendswood 15.44% 0.00% 0.54% 0.08% -0.03% -0.09% 0.02% -0.49% 0.03% 15.47% 484 Friona 11.34% 0.00% 0.99% 0.07% -0.01% 0.10% 0.15% -0.28% 1.02% 12.36% 486 Frisco 14.00% 0.00% 0.33% 0.05% -0.10% -0.23% 0.04% 0.07% 0.16% 14.16% 487 Fritch 1.94% 0.00% 0.83% 0.04% -0.08% 0.32% -0.03% 0.37% 1.45% 3.39% 488 Frost 3.18% 0.00% 0.88% 0.03% 0.04% 0.03% -0.02% -0.07% 0.89% 4.07% 491 Fulshear 4.93% 0.00% 0.60% 0.01% -0.08% -0.16% 0.09% 0.07% 0.53% 5.46% 493 Fulton 17.48% 0.00% 1.24% 0.05% -0.22% -0.23% 0.20% 0.28% 1.32% 18.80% 492 Gainesville 9.31% 0.00% 0.31% 0.06% -0.01% 0.05% -0.05% -0.08% 0.28% 9.59% 494 Galena Park 13.90% 0.00% 1.02% 0.07% -0.07% -0.15% 0.28% -0.38% 0.77% 14.67% 498 Ganado 11.88% 0.00% 1.29% 0.12% -0.10% 0.05% 0.12% 0.17% 1.65% 13.53% 499 Garden Ridge 7.48% 0.00% 0.56% 0.03% -0.04% -0.05% 0.06% 0.17% 0.73% 8.21% 500 Garland 10.30% 0.00% 1.02% 0.09% -0.02% 0.00% -0.02% -0.46% 0.61% 10.91% 502 Garrison 15.03% 0.00% 1.79% 0.16% -0.07% -0.14% -0.36% -2.86% -1.48% 13.55% 503 Gary 7.28% 0.00% 0.38% 0.03% -0.09% -0.81% 0.06% 0.09% -0.34% 6.94% 504 Gatesville 15.90% 0.00% 0.40% 0.07% 0.00% -0.11% -0.50% -0.38% -0.52% 15.38% 505 George West 5.02% 0.00% 0.63% 0.02% -0.05% -0.06% 0.12% -0.010/( 0.65% 5.67% 506 Georgetown 11.47% 1 0.00% 1.02% 0.05% -0.09% -0.30% 0.05% 0.23% 0.96% 12.43% Page 5 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 510 Giddings 18.46% 0.00% 0.99% 0.07% -0.03% -0.31% 0.06% 0.02% 0.80% 19.26% 512 Gilmer 12.93% 0.00% 0.51% 0.06% -0.06% -0.06% 0.24% -0.03% 0.66% 13.59% 514 Gladewater 3.21% 0.00% 0.35% 0.04% -0.03% 0.00% -0.03% 0.00% 0.33% 3.54% 516 Glen Rose 15.28% 0.00% 0.53% 0.05% 0.07% 0.02% -0.71% -0.75% -0.79% 14.49% 517 Glenn Heights 3.20% 0.00% 0.67% 0.04% 0.00% 0.00% -0.24% -0.09% 0.38% 3.58% 518 Godley 1.99% 0.32% 0.53% 0.02% -0.06% -0.07% 0.01% 0.00% 0.75% 2.74% 519 Goldsmith 2.73% 0.00% 1.29% 0.08% -0.01% 0.09% -0.06% -0.58% 0.81% 3.54% 520 Goldthwaite 25.83% 0.00% 0.79% 0.14% -0.13% -0.37% -0.21% -0.73% -0.51% 25.32% 522 Goliad 1.06% 0.00% 1.05% 0.06% -0.04% -0.18% 1.47% -1.42% 0.94% 2.00% 524 Gonzales 10.39% 0.00% 0.19% 0.05% -0.05% -0.02% 0.06% -0.29% -0.06% 10.33% 532 Graford 2.65% 0.00% 0.68% 0.04% 0.07% 0.04% -0.07% -0.49% 0.27% 2.92% 10534 Graham 11.91% 0.00% 0.63% 0.06% -0.03% -0.03% 0.10% -0.97% -0.24% 11.67% 536 Granbury 15.20% 0.00% 0.57% 0.06% 0.00% 0.01% 0.08% -0.05% 0.67% 15.87% 540 Grand Prairie 15.66% 0.00% 0.60% 0.09% -0.08% -0.20% -0.01% 0.10% 0.50% 16.16% 542 Grand Saline 5.57% 0.00% 0.53% 0.05% -0.03% 0.01% -0.02% -0.67% -0.13% 5.44% 544 Grandview 5.08% 0.00% 0.96% 0.03% 0.01% 0.00% -0.06% -0.08% 0.86% 5.94% 546 Granger 0.00% 0.00% 0.28% 0.03% 0.00% 0.46% 0.00% 0.06% 0.83% 0.83% 547 Granite Shoals 4.45% 0.00% 0.61% 0.02% 0.01% -0.01% -0.13% 0.07% 0.57% 5.02% 548 Grapeland 4.12% 0.00% 0.29% 0.03% -0.05% 0.06% -0.03% 0.03% 0.33% 4.45% 550 Grapevine 19.06% 0.00% 0.27% 0.09% -0.03% -0.14% 0.03% -0.22% 0.00% 19.06% 552 Greenville 10.30% 0.00% 1.09% 0.08% 0.00% 0.04% 0.02% 0.01% 1.24% 11.54% 551 Gregory 3.73% 0.00% 0.42% 0.02% -0.05% 0.13% -0.06% -0.09% 0.37% 4.10% 553 Grey Forest 15.18% 0.00% 1.08% 0.07% -0.05% -0.17% -0.10% 0.34% 1.17% 16.35% 556 Groesbeck 2.33% 0.00% 0.46% 0.01% 0.00% 0.01% -0.14% -0.20% 0.14% 2.47% 558 Groom 2.26% 0.00% 0.67% 0.03% -0.01% -0.07% 0.08% 0.05% 0.75% 3.01% 559 Groves 8.88% 0.00% 0.80% 0.08% 0.00% 0.07% 0.00% -0.13% 0.82% 9.70% 560 Groveton 1.48% 0.00% 0.49% 0.03% 0.02% -0.01% 0.01% 0.03% 0.57% 2.05% 562 Gruver 6.38% 0.00% 2.48% 0.14% -0.05% 0.02% 0.12% 0.25% 2.96% 9.34% 563 Gun Barrel City 5.52% 0.00% 0.99% 0.03% 0.00% 0.00% -0.05% -0.27% 0.70% 6.22% 564 Gunter 3.34% 0.00% 0.69% 0.02% 0.06% -0.09% 0.17% -0.53% 0.32% 3.66% 568 Hale Center 1.74% 0.00% 0.46% 0.01% -0.04% -0.02% 0.06% -0.34% 0.13% 1.87% 570 Hallettsville 12.05% 0.00% 0.59% 0.07% -0.03% 0.08% 0.00% 0.02% 0.73% 12.78% 572 Hallsville 2.94% 0.00% 0.37% 0.01% -0.01% 0.01% 0.02% -0.23% 0.17% 3.11% 574 Haltom City 18.72% 0.00% 0.28% 0.10% -0.05% 0.02% -0.16% -0.15% 0.04% 18.76% 576 Hamilton 20.74% 0.00% 0.27% 0.07% -0.29% -1.46% 0.02% -0.64% -2.03% 18.71% 578 Hamlin 10.89% 0.00% 1.44% 0.08% -0.15% -0.28% -0.02% -0.36% 0.71% 11.60% 580 Happy 12.38% 0.00% 1.79% 0.13% 0.25% 1.90% 0.00% 0.10% 4.17% 16.55% 581 Harker Heights 14.63% 0.00% 0.32% 0.06% -0.02% 0.01% -0.03% -0.08% 0.26% 14.89% 10582 Harlingen 7.01% 0.00% 3.10% 0.23% -0.10% 0.24% 0.04% 0.08% 3.59% 10.60% 20582 Harlingen Waterworks Sys 0.59% 0.00% 1.02% 0.07% -0.03% 0.01% -0.03% 0.12% 1.16% 1.75% 583 Hart 2.68% 0.00% 0.97% 0.03% 0.00% 0.06% 0.00% 0.08% 1.14% 3.82% 586 Haskell 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 587 Haslet 8.17% 0.00% 0.76% 0.04% -0.20% 0.09% -0.02% -0.04% 0.63% 8.80% 588 Hawkins 13.33% 0.00% 1.64% 0.11% -0.01% -0.22% 0.10% 0.02% 1.64% 14.97% 585 Hays 5.82% 0.00% 0.90% 0.11% -0.01% -0.18% 0.01% 0.08% 0.91% 6.73% 590 Hearne 15.00% 0.00% 0.73% 0.04% -0.01% 0.02% -0.03% 0.05% 0.80% 15.80% 591 Heath 10.70% 0.00% 0.73% 0.05% -0.03% -0.06% -0.12% 0.19% 0.76% 11.46% 592 Hedley 3.00% 0.00% 0.97% 0.05% 0.12% -0.27% 0.34% -0.46% 0.75% 3.75% 595 Hedwig Village 6.12% 0.00% 1.04% 0.04% 0.00% 0.07% 0.09% -0.18% 1.06% 7.18% 593 Helotes 6.09% 0.00% 0.94% 0.03% -0.02% -0.02% -0.15% -0.02% 0.76% 6.85% 594 Hemphill 3.51% 3.07% 0.91% 0.04% 0.08% -0.05% -0.02% 0.31% 4.34% 7.85% 596 Hempstead 8.64% 0.00% 0.26% 0.05% -0.06% -0.09% -0.04% -0.83% -0.71% 7.93% 598 Henderson 1 15.34%1 0.00% 0.80% 0.07% -0.03% -0.19% -0.20% 0.00%1 0.45%1 15.79% Page 6 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 600 Henrietta 14.10% 0.00% 0.82% 0.05% -0.06% -0.04% 0.01% 0.08% 0.86% 14.96% 602 Hereford 10.43% 0.00% 0.36% 0.06% -0.05% -0.20% -0.07% 0.31% 0.41% 10.84% 605 Hewitt 15.31% 0.00% 0.48% 0.06% -0.03% -0.17% -0.12% 0.17% 0.39% 15.70% 609 Hickory Creek 10.81% 0.00% 0.75% 0.04% 0.00% 0.05% 0.25% -0.37% 0.72% 11.53% 606 Hico 4.55% 0.00% 1.01% 0.05% -0.04% 0.04% -0.24% -0.09% 0.73% 5.28% 607 Hidalgo 12.64% 0.00% 0.53% 0.05% -0.10% -0.32% -0.06% -0.17% -0.07% 12.57% 608 Higgins 3.64% 0.00% 0.43% 0.06% 0.00% -0.01% -0.01% -0.25% 0.22% 3.86% 610 Highland Park 3.14% 0.00% 1.70% 0.11% -0.05% -0.05% -0.02% 0.57% 2.26% 5.40% 611 Highland Village 13.20% 0.00% 0.35% 0.06% 0.00% -0.09% 0.24% -0.12% 0.44% 13.64% 613 Hill Country Village 3.14% 0.00% 1.12% 0.04% -0.05% 0.01% 0.14% -0.45% 0.81% 3.95% 612 Hillsboro 10.75% 0.00% 0.38% 0.05% 0.00% 0.14% 0.05% -0.03% 0.59% 11.34% 619 Hilshire Village 12.72% 0.00% 0.57% 0.00% -0.08% -0.18% 0.02% 0.33% 0.66% 13.38% 614 Hitchcock 3.82% 0.00% 0.84% 0.04% -0.05% 0.00% 0.24% -0.63% 0.44% 4.26% 615 Holland 7.64% 0.00% 1.25% 0.08% 0.05% -0.18% -0.23% -0.16% 0.81% 8.45% 616 Holliday 1.93% 0.00% 0.78% 0.02% -0.01% 0.02% -0.12% 0.00% 0.69% 2.62% 617 Hollywood Park 8.95% 0.00% 0.12% 0.05% -0.04% -0.09% 0.22% -0.08% 0.18% 9.13% 618 Hondo 9.00% 0.00% 0.27% 0.05% -0.04% -0.07% 0.06% -0.49% -0.22% 8.78% 620 Honey Grove 7.29% 0.00% 0.54% 0.07% -0.10% 0.02% 0.21% -0.30% 0.44% 7.73% 622 Hooks 0.87% 9.77% 1.70% 0.03% 0.70% 0.21% 0.39% 0.35% 13.15% 14.02% 626 Howe 4.50% 0.00% 1.08% 0.07% -0.31% 0.07% -0.11% 0.31% 1.11% 5.61% 627 Hubbard 0.40% 0.00% 0.44% 0.02% -0.01% -0.03% -0.12% 0.11% 0.41% 0.81% 628 Hudson 3.49% 0.00% 0.87% 0.03% 0.03% 0.00% 0.33% -0.13% 1.13% 4.62% 629 Hudson Oaks 12.89% 0.00% 0.14% 0.04% 0.03% -0.03% -0.01% 0.24% 0.41% 13.30% 630 Hughes Springs 15.36% 0.00% 1.12% 0.13% -0.15% 0.08% -0.23% 0.21% 1.16% 16.52% 632 Humble 13.58% -0.18% 0.55% 0.07% -0.05% -0.02% -0.03% -0.29% 0.05% 13.63% 633 Hunters Creek Village 14.00% 0.00% 1.53% 0.06% 0.10% 0.46% 0.06% 0.41% 2.62% 16.62% 634 Huntington 13.77% 0.00% 0.51% 0.06% -0.02% 0.08% 0.55% -0.35% 0.83% 14.60% 636 Huntsville 17.07% 0.00% 1.39% 0.07% 0.01% 0.15% -0.03% -0.07% 1.52% 18.59% 637 Hurst 9.63% 0.00% 0.99% 0.09% -0.03% -0.07% -0.10% -0.06% 0.82% 10.45% 638 Hutchins 6.94% 1.00% 0.23% 0.04% 0.04% -0.01% -0.08% -0.01% 1.21% 8.15% 640 Hutto 13.14% 0.00% 0.07% 0.04% -0.04% -0.09% 0.12% -0.06% 0.04% 13.18% 641 Huxley 0.00% 0.00% 0.56% 0.05% 0.00% 0.00% 0.04% 0.51% 1.16% 1.16% 6421dalou 4.06% 0.00% 0.82% 0.01% 0.00% 0.00% -0.04% -0.18% 0.61% 4.67% 643 Ingleside 10.35% 0.00% 0.67% 0.04% -0.04% -0.18% -0.28% 0.03% 0.24% 10.59% 646 Ingram 5.39% 0.00% 0.69% 0.03% 0.01% -0.01% 0.18% -0.31% 0.59% 5.98% 647 Iowa Colony 33.93% 0.00% 1.16% 0.01% -0.28% -4.69% -0.54% -1.37% -5.71% 2822% 644 Iowa Park 13.63% 0.00% 0.96% 0.07% -0.08% -0.26% 0.17% 0.23% 1.09% 14.72% 6451raan 14.43% 0.00% 1.69% 0.09% -0.17% -0.11% -0.03% 0.41% 1.88% 16.31% 648 Irving 13.33% 0.00% 1.17% 0.09% -0.02% -0.01% 0.00% -0.13% 1.10% 14.43% 650 Italy 2.25% 0.00% 0.47% 0.01% 0.02% 0.21% -0.17% -0.11% 0.43% 2.68% 652 Itasca 10.22% 0.00% 1.06% 0.05% -0.01% 0.04% 0.88% -0.66% 1.36% 11.58% 654 Jacinto City 8.76% 0.00% 0.49% 0.05% -0.03% -0.20% -0.01% -0.22% 0.08% 8.84% 656 Jacksboro 13.76% 0.00% 0.83% 0.05% -0.05% -0.23% -0.27% -0.18% 0.15% 13.91% 658 Jacksonville 10.79% 0.00% 0.96% 0.07% -0.03% -0.04% -0.16% -0.36% 0.44% 11.23% 660 Jasper 8.94% 0.00% 1.27% 0.06% 0.00% -0.06% 0.00% -0.62% 0.65% 9.59% 664 Jefferson 3.31% 0.00% 0.75% 0.03% -0.23% 0.04% -0.04% -0.05% 0.50% 3.81% 665 Jersey Village 14.88% 0.00% 0.53% 0.06% -0.01% 0.09% -0.09% -0.11% 0.47% 15.35% 666 Jewett 8.33% 0.00% 0.57% 0.08% 0.06% 0.19% -0.18% -0.43% 0.29% 8.62% 668 Joaquin 3.95% 0.00% 0.72% 0.03% 0.11% 0.46% -0.56% 0.11% 0.87% 4.82% 670 Johnson City 9.40% 0.00% 0.51% 0.05% -0.04% -0.23% -0.49% 0.64% 0.44% 9.84% 673 Jones Creek 5.74% 0.00% 0.79% 0.05% -0.02% -0.05% 0.08% 0.04% 0.89% 6.63% 675 Jonestown 5.14% 0.00% 0.59% 0.01% 0.00% 0.00% -0.20% -0.04% 0.36% 5.50% 677 Josephine 6.33% 0.00% 0.88% 0.05% 0.06% -0.15% 0.02% 0.160/( 1.020/( 7.35% 671 Joshua5.06% 0.00% 1.06% 0.03% 0.02% 0.01% 0.17% 0.03% 0.98% 6.04% Page 7 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 672 Jourdanton 6.16% 0.00% 0.28% 0.03% -0.01% -0.02% 0.03% -0.13% 0.18% 6.34% 674 Junction 14.42% 0.00% 0.90% 0.08% 0.11% 0.12% 0.39% -1.49% 0.11% 14.53% 676 Justin 2.29% 0.00% 0.31% 0.02% -0.04% -0.06% 0.11% 0.24% 0.58% 2.87% 678 Karnes City 5.00% 0.00% 0.21% 0.03% -0.06% -0.21% -0.08% 0.28% 0.17% 5.17% 680 Katy 14.45% 0.00% 0.08% 0.07% -0.09% -0.21% 0.04% 0.20% 0.09% 14.54% 682 Kaufman 14.02% -3.87% 1.23% 0.06% -0.28% -0.04% 0.08% 0.08% -2.74% 11.28% 683 Keene 14.26% 0.00% 1.02% 0.06% -0.08% -0.51% -0.20% 0.27% 0.56% 14.82% 681 Keller 14.93% 0.00% 0.51% 0.07% 0.00% 0.08% 0.02% -0.09% 0.59% 15.52% 685 Kemah 5.23% 0.00% 1.14% 0.04% 0.00% 0.00% 0.23% -0.02% 1.39% 6.62% 684 Kemp 0.00% 0.26% 1.29% 0.05% 0.02% 1.59% 0.35% 0.41% 3.97% 3.97% 686 Kenedy 4.28% 0.00% 0.44% 0.02% -0.05% -0.13% -0.07% 0.40% 0.61% 4.89% 688 Kennecale 14.22% 0.00% 0.60% 0.06% -0.04% -0.02% -0.29% -0.23% 0.08% 14.30% 692 Kermit 15.36% 0.00% 1.02% 0.06% -0.02% -0.16% -1.00% -0.14% -0.24% 15.12% 10694 Kerrville 8.42% 0.00% 0.88% 0.07% -0.02% -0.03% 0.01% 0.31% 1.22% 9.64% 20694 Kerrville PUB 11.80% 0.00% 0.88% 0.09% -0.07% -0.26% -0.11% 0.23% 0.76% 12.56% 10696 Kilgore 14.63% 0.00% 0.32% 0.07% -0.08% 0.01% 0.14% -0.03% 0.43% 15.06% 698 Killeen 8.13% 0.13% 1.36% 0.05% 0.01% 0.00% -0.03% -0.03% 1.49% 9.62% 700 Kingsville 9.37% 0.00% 0.36% 0.07% -0.02% -0.13% -0.08% -0.38% -0.18% 9.19% 701 Kirby 13.11% 0.00% 0.73% 0.05% 0.04% 0.19% -0.05% 0.28% 1.24% 14.35% 702 Kirbyville 5.35% 0.00% 0.51% 0.03% -0.03% -0.20% 0.00% -0.09% 0.22% 5.57% 704 Knox City 1.06% 0.00% 0.73% 0.04% 0.07% 0.14% -0.01% 0.13% 1.10% 2.16% 708 Kountze 0.94% 0.00% 0.45% 0.01% -0.01% 0.00% -0.03% 0.02% 0.44% 1.38% 709 Kress 10.54% 0.00% 2.17% 0.17% -0.07% 0.32% -0.84% -3.72% -1.97% 8.57% 699 Krugerville 7.63% 0.00% 0.73% 0.01% -0.09% -0.04% 0.35% 0.16% 1.12% 8.75% 707 Krum 3.69% 0.00% 0.72% 0.02% -0.01% 0.03% 0.06% -0.03% 0.79% 4.48% 710 Kyle 11.52% 0.66% 0.67% 0.03% -0.01% -0.15% 0.00% -0.03% 1.17% 12.69% 725 La Coste 0.92% 0.00% 0.51% 0.03% 0.00% 0.01% 0.01% 0.00% 0.56% 1.48% 714 La Feria 9.77% 0.00% 0.30% 0.05% -0.02% -0.17% -0.05% -0.12% -0.01% 9.76% 716 La Grange 15.44% 0.00% 1.12% 0.07% -0.07% -0.33% -0.04% -0.16% 0.59% 16.03% 723 La Grulla 3.30% 0.00% 0.52% 0.05% -0.34% 1.85% -0.71% 0.53% 1.90% 5.20% 732 LaJoya 5.48% 0.00% 0.49% 0.01% 0.02% 0.03% -0.09% 0.23% 0.69% 6.17% 721 La Marque 9.11% 5.41% 0.80% 0.05% 0.29% 0.19% 0.17% -0.26% 6.65% 15.76% 728 La Porte 15.64% 0.00% 0.34% 0.13% -0.02% 0.03% 0.04% -0.19% 0.33% 15.97% 731 La Vernia 2.44% 0.00% 0.42% 0.01% -0.04% -0.11% -0.03% -0.01% 0.24% 2.68% 711 Lacy -Lakeview 13.58% 0.00% 0.66% 0.05% 0.01% 0.05% -0.01% 0.29% 1.05% 14.63% 712 Laconia 0.11% 0.00% 1.00% 0.04% -0.07% -1.21% 2.85% -0.15% 2.46% 2.57% 713 Lago Vista 6.48% 0.00% 1.03% 0.05% -0.02% -0.01% 0.13% 0.05% 1.23% 7.71% 705 Laguna Vista 2.50% 0.00% 0.61% 0.02% 0.00% 0.01% 0.23% -0.01% 0.86% 3.36% 717 Lake Dallas 12.56% 0.00% 0.95% 0.07% 0.06% 0.17% 0.55% -0.80% 1.00% 13.56% 718 Lake Jackson 11.73% 0.00% 0.29% 0.08% -0.06% 0.00% 0.18% -0.38% 0.11% 11.84% 719 Lake Worth 12.52% 0.00% 0.41% 0.05% 0.01% 0.16% 0.30% -0.04% 0.89% 13.41% 727 Lakeport 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 715 Lakeside 7.13% 0.00% 0.80% 0.04% -0.05% -0.02% -0.34% 0.00% 0.43% 7.56% 729 Lakeside City 1.22% 0.00% 0.66% 0.05% -0.04% 0.00% -0.15% 0.18% 0.70% 1.92% 720 Lakeway 12.95% 0.00% 0.75% 0.04% 0.00% -0.04% -0.03% -0.06% 0.66% 13.61% 722 Lamesa 3.60% 0.00% 1.48% 0.08% -0.04% 0.03% 0.02% -0.46% 1.11% 4.71% 724 Lampasas 14.16% 0.00% 0.50% 0.07% -0.04% 0.02% -0.04% 0.16% 0.67% 14.83% 726 Lancaster 13.30% 0.00% 0.84% 0.07% -0.07% -0.26% -0.11% 0.09% 0.56% 13.86% 730 Laredo 21.29% 0.00% 0.43% 0.09% 0.02% -0.16% -0.04% -0.47% -0.13% 21.16% 733 Lavon 4.71% 0.00% 0.63% 0.03% 0.03% 0.01% -0.08% -0.01% 0.61% 5.32% 736 League City 14.86% 0.00% 0.22% 0.06% -0.02% -0.11% 0.23% 0.15% 0.53% 15.39% 737 Leander 12.18% 0.00% 0.48% 0.04% -0.02% -0.31% 0.02% 0.20% 0.41% 12.59% 735 Lefors 3.85% 0.00%0.49% 0.01% -0.24% -0.61% -0.02% 0.06% 0.31 % 3.54% 739 Leon Valley 13.98% 0.00% 0.14% 0.11% -0.13% -0.06% 0.09% -1.21% -1.06% 12.92% Page 8 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 738 Leonard 0.61% 0.00% 0.53% 0.02% 0.00% 0.01% -0.12% -0.08% 0.36% 0.97% 740 Levelland 11.94% 0.00% 0.39% 0.08% -0.05% -0.09% 0.02% -0.06% 0.29% 12.23% 742 Lewisville 16.27% 0.00% 0.41% 0.08% -0.03% -0.07% 0.02% -0.13% 0.28% 16.55% 744 Lexington 8.79% 0.00% 0.52% 0.07% -0.08% -0.34% 0.05% -0.36% -0.14% 8.65% 746 Liberty 17.74% 0.00% 1.38% 0.03% -0.01% -0.26% 0.06% -0.15% 1.05% 18.79% 745 Liberty Hill 2.75% 4.50% 0.66% 0.02% 0.23% -0.14% -0.18% -0.29% 4.80% 7.55% 748 Lindale 14.34% 0.00% 0.41% 0.04% -0.06% -0.22% -0.13% -0.07% -0.03% 14.31% 750 Linden 1.34% 0.00% 0.65% 0.03% 0.00% -0.09% -0.06% -0.52% 0.01% 1.35% 755 Lipan 1.69% 0.00% 0.67% 0.03% 0.02% 0.00% 0.00% 0.08% 0.80% 2.49% 751 Little Elm 12.92% 0.00% 0.25% 0.04% -0.04% -0.10% 0.24% 0.18% 0.57% 13.49% 752 Littlefield 9.10% 0.00% 0.49% 0.06% -0.06% -0.20% -0.07% 0.17% 0.39% 9.49% 753 Live Oak 17.62% 0.00% 0.09% 0.08% 0.07% 0.12% -0.11% -0.47% -0.22% 17.40% 757 Liverpool 1.92% 0.00% 0.44% 0.02% 0.09% 0.04% 0.00% 0.09% 0.68% 2.60% 754 Livingston 16.05% 0.00% 0.80% 0.09% -0.04% 0.00% -0.03% -0.44% 0.38% 16.43% 756 Llano 9.67% 4.34% 1.61% 0.06% 0.25% 0.00% -0.12% -0.55% 5.59% 15.26% 758 Lockhart 11.86% 0.00% 0.83% 0.07% -0.05% -0.12% -0.06% 0.53% 1.20% 13.06% 760 Lockney 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 765 Lone Star 2.83% 0.00% 0.67% 0.06% -0.01% -0.03% -0.41% -0.57% -0.29% 2.54% 766 Longview 9.86% 0.00% 1.25% 0.07% 0.01% 0.05% -0.09% -0.05% 1.24% 11.10% 768 Loraine 2.05% 0.00% 0.83% 0.04% -0.32% -0.04% -0.08% 0.17% 0.60% 2.65% 769 Lorena 6.67% 0.00% 0.44% 0.03% 0.02% 0.00% 0.00% -0.05% 0.44% 7.11% 770 Lorenzo 2.18% 0.00% 0.61% 0.04% -0.01% 0.17% 0.08% 0.07% 0.96% 3.14% 771 Los Fresnos 0.83% 0.00% 0.68% 0.04% -0.02% 0.03% -0.10% 0.07% 0.70% 1.53% 773 Lott 0.87% 0.00% 0.44% 0.01% 0.01% -0.02% 0.07% 0.23% 0.74% 1.61% 774 Lovelady 6.09% 0.00% 0.84% 0.03% -0.01% 0.00% -0.66% -0.18% 0.02% 6.11% 778 Lubbock 17.96% 0.00% 0.16% 0.09% -0.05% -0.07% 0.03% -0.17% -0.01% 17.95% 779 Lucas 13.32% 0.00% 0.46% 0.03% -0.17% -0.18% 0.11% 0.18% 0.43% 13.75% 782 Lufkin 15.72% 0.00% 1.05% 0.08% -0.03% -0.04% -0.07% -0.09% 0.90% 16.62% 784 Luling 8.51% 0.00% 0.87% 0.04% 0.01% 0.11% 0.18% -0.09% 1.12% 9.63% 785 Lumberton 16.69% 0.00% 0.19% 0.06% -0.10% -0.19% 0.06% 0.06% 0.08% 16.77% 786 Lyford 4.36% 0.00% 0.76% 0.02% 0.02% 0.13% -0.15% 0.05% 0.83% 5.19% 787 Lytle 9.01% 0.00% 0.38% 0.07% -0.05% -0.20% 0.03% 0.24% 0.47% 9.48% 790 Madisonville 9.03% 0.00% 0.60% 0.04% -0.02% -0.08% -0.09% 0.07% 0.52% 9.55% 791 Magnolia 1.38% 0.00% 0.52% 0.02% 0.01% 0.01% -0.07% 0.00% 0.49% 1.87% 792 Malakoff 5.92% 0.00% 1.13% 0.03% 0.09% -0.06% -0.38% 0.12% 0.93% 6.85% 796 Manor 3.36% 0.00% 0.66% 0.02% -0.05% 0.02% 0.07% 0.16% 0.88% 4.24% 798 Mansfield 14.14% 0.00% 0.37% 0.07% -0.04% -0.01% 0.02% 0.07% 0.48% 14.62% 799 Marvel 5.65% 0.00% 0.80% 0.02% -0.11% -0.03% 0.27% 0.08% 1.03% 6.68% 800 Marble Falls 4.35% 0.00% 1.24% 0.05% -0.01% 0.01% 0.01% -0.01% 1.29% 5.64% 802 Marfa 0.91% 0.00% 0.76% 0.05% 0.03% 0.27% -0.17% 0.15% 1.09% 2.00% 804 Marion 5.04% 0.00% 0.64% 0.03% 0.01% -0.04% 0.18% 0.04% 0.86% 5.90% 806 Marlin 9.29% 0.00% 0.84% 0.03% 0.12% 0.16% -0.23% -0.48% 0.44% 9.73% 810 Marshall 16.19% 0.00% 0.97% 0.08% 0.00% 0.09% -0.10% -0.50% 0.54% 16.73% 812 Mart 1.27% 0.00% 0.68% 0.05% 0.05% -0.21% 0.08% -0.44% 0.21% 1.48% 813 Martindale 8.85% 0.00% 1.11% 0.04% 0.11% 0.13% -0.13% 0.46% 1.72% 10.57% 814 Mason 6.04% 0.00% 0.59% 0.04% -0.03% -0.08% 0.02% -0.17% 0.37% 6.41% 816 Matador 6.12% 0.00% 0.98% 0.05% 0.23% 0.20% -0.34% -0.07% 1.05% 7.17% 818 Mathis 3.04% 0.00% 1.02% 0.04% -0.05% 0.30% -0.21% 0.14% 1.24% 4.28% 820 Maud 3.28% 0.00% 0.52% 0.01% -0.08% -0.08% -0.06% 0.13% 0.44% 3.72% 822 Maypearl 1.64% 0.00% 0.67% 0.04% 0.03% -0.04% -0.20% -0.26% 0.24% 1.88% 824 McAllen 6.28% 0.38% 1.28% 0.06% 0.00% -0.05% -0.06% 0.01% 1.62% 7.90% 826 McCamey 1.61% 0.00% 0.75% 0.07% 0.02% 0.14% 0.06% 0.23% 1.27% 288% 828 McGregor 10.55% 0.00% 0.79% 0.05% -0.06% -0.19% 0.08% -0.390/( 0.280/( 10.83% 830 McKinney 15.18% 1 0.00% -0.01% 0.06% -0.09% -0.17% 0.10% 0.23% 0.12% 15.30% Page 9 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 832 McLean 1.58% 0.00% 0.88% 0.07% -0.12% -0.01% -0.38% -0.07% 0.37% 1.95% 833 McLendon -Chisholm 8.41% 0.00% 0.50% 0.00% 0.13% 0.03% 1.24% -0.66% 1.24% 9.65% 831 Meadowlakes 1.30% 0.00% 0.58% 0.02% -0.02% 0.03% 0.04% 0.33% 0.98% 2.28% 835 Meadows Place 5.92% 0.08% 1.44% 0.07% -0.08% 0.01% 0.41% 0.33% 2.26% 8.18% 837 Melissa 7.07% 0.00% 0.94% 0.02% 0.07% -0.06% -0.17% 0.02% 0.82% 7.89% 1501 Memorial Villages PD 9.30% 0.00% 1.06% 0.05% -0.01% 0.08% 0.37% -0.01% 1.54% 10.84% 840 Memphis 4.93% 0.00% 0.54% 0.08% -0.07% 0.00% 0.07% -1.26% -0.64% 4.29% 842 Menard 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 844 Mercedes 19.09% 0.00% 0.40% 0.06% -0.02% 0.06% 0.13% -0.62% 0.01% 19.10% 846 Meridian 2.26% 0.00% 0.89% 0.04% 0.00% 0.05% -0.08% -0.06% 0.84% 3.10% 848 Merkel 13.33% 0.00% 0.60% 0.05% -0.06% -0.26% -0.01% -0.42% -0.10% 13.23% 852 Mertzon 8.48% 0.00% 0.89% 0.02% 0.07% 1.66% 0.78% -0.13% 3.29% 11.77% 854 Mesquite 10.14% 0.15% 1.64% 0.09% -0.02% 0.02% -0.06% 0.05% 1.87% 12.01% 856 Mexia 11.80% 0.00% 0.82% 0.06% 0.01% 0.06% -0.12% -0.10% 0.73% 12.53% 860 Midland 15.02% 0.00% 0.67% 0.09% -0.06% -0.42% -0.19% -0.25% -0.16% 14.86% 862 Midlothian 14.05% 0.00% 0.36% 0.05% -0.04% -0.11% 0.02% 0.26% 0.54% 14.59% 863 Milano 4.09% 0.00% 0.45% 0.00% 0.37% 0.10% 0.22% 0.29% 1.43% 5.52% 864 Miles 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 865 Milford 8.28% 0.00% 1.44% 0.08% 0.03% -0.14% 0.01% 0.08% 1.50% 9.78% 868 Mineola 3.53% 0.00% 0.70% 0.06% -0.04% 0.03% -0.06% 0.16% 0.85% 4.38% 870 Mineral Wells 8.85% 0.00% 0.67% 0.06% -0.02% 0.02% -0.05% -0.60% 0.08% 8.93% 874 Mission 7.86% 0.00% 0.60% 0.04% 0.01% 0.00% -0.02% -0.05% 0.58% 8.44% 875 Missouri City 5.40% 0.39% 1.43% 0.07% -0.23% -0.03% -0.04% 0.07% 1.66% 7.06% 876 Monahans 8.93% 0.00% 0.29% 0.06% -0.05% -0.11% -0.05% -0.95% -0.81% 8.12% 887 Mont Belvieu 15.93% 0.00% 0.90% 0.06% -0.02% -0.31% -0.33% 0.04% 0.34% 16.27% 877 Montgomery 4.13% 0.00% 0.91% 0.02% -0.03% 0.09% 0.79% -0.02% 1.76% 5.89% 878 Moody 2.69% 0.00% 0.53% 0.04% 0.00% -0.16% -0.05% -0.04% 0.32% 3.01% 883 Morgan's Point 9.65% 0.00% 1.36% 0.09% 0.10% -0.02% -0.52% -0.80% 0.21% 9.86% 882 Morgan's Point Resort 11.68% 0.00% 0.83% 0.05% 0.05% -0.15% 0.13% -0.06% 0.85% 12.53% 884 Morton 4.54% 0.00% 0.67% 0.10% -0.25% 0.03% -0.11% -0.03% 0.41% 4.95% 886 Moulton 6.68% 0.00% 0.16% 0.09% -0.02% -0.04% 0.14% 0.06% 0.39% 7.07% 890 Mount Enterprise 1.91% 0.00% 1.19% 0.09% -0.08% 0.00% -0.01% -0.21% 0.98% 2.89% 892 Mt. Pleasant 15.35% 0.00% 0.39% 0.07% -0.04% -0.08% 0.04% -0.25% 0.13% 15.48% 894 Mt. Vernon 10.19% 0.00% 0.87% 0.06% 0.01% 0.17% 0.03% 0.09% 1.23% 11.42% 896 Muenster 0.49% 0.00% 0.85% 0.05% -0.05% -0.03% 0.03% -0.25% 0.60% 1.09% 898 Muleshoe 15.89% 0.00% 0.58% 0.10% -0.06% 0.00% -1.01% 0.09% -0.30% 15.59% 901 Munday 3.33% 0.00% 0.76% 0.03% -0.30% 0.29% -0.23% 0.00% 0.55% 3.88% 903 Murphy 13.76% 0.00% 0.15% 0.05% -0.05% -0.11% 0.61% 0.00% 0.65% 14.41% 10904 Nacogdoches 13.93% 0.00% 1.08% 0.08% -0.02% 0.14% -0.12% -0.21% 0.95% 14.88% 906 Naples 1.93% 0.00% 0.68% 0.03% -0.02% -0.05% 0.01% 0.12% 0.77% 2.70% 907 Nash 4.58% 0.00% 1.19% 0.03% 0.01% 0.02% 0.37% 0.16% 1.78% 6.36% 905 Nassau Bay 15.25% 0.00% 0.37% 0.04% -0.01% -0.07% 0.07% 0.03% 0.43% 15.68% 909 Natalia 2.32% 0.00% 0.43% 0.02% -0.02% 0.02% 0.01% 0.19% 0.65% 2.97% 908 Navasota 7.49% 0.00% 0.88% 0.05% -0.03% -0.09% -0.05% 0.19% 0.95% 8.44% 910 Nederland 5.42% 0.00% 1.17% 0.12% -0.06% 0.09% 0.01% -0.12% 1.21% 6.63% 912 Needville 3.26% 0.00% 0.69% 0.07% -0.10% 0.02% 0.02% -0.12% 0.58% 3.84% 914 New Boston 2.34% 0.00% 0.27% 0.05% -0.02% -0.07% 0.05% -0.47% -0.19% 2.15% 10916 New Braunfels 17.23% 0.00% -0.12% 0.06% -0.03% -0.28% -0.04% 0.12% -0.29% 16.94% 20916 New Braunfels Utilities 12.45% 0.00% 0.61% 0.08% -0.11% -0.25% -0.05% -0.29% -0.01% 12.44% 915 New Deal 0.00% 0.00% 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.18% 0.18% 923 New Fairview 4.66% 0.00% 2.29% 0.06% 0.00% 1.70% 0.00% 0.52% 4.57% 9.23% 918 New London 5.25% 0.00% 0.36% 0.05% -0.02% 0.08% -0.11% -0.03% 0.33% 5.58% 919 New Summerfield 1.61% 5.91% 1.09% 0.03% 0.56% -0.06% 0.14% 0.39% 8.06% 9.67% 917 New Waverly 5.93% 0.00% 0.78% 0.05% 0.06% 0.00% -0.02% -1.95% -1.08% 4.85% Page 10 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 913 Newark 3.33% 0.00% 0.39% 0.01% -0.13% -0.68% 0.00% 0.24% -0.17% 3.16% 920 Newton 20.58% 0.00% 0.31% 0.09% -0.04% 0.33% 0.89% -0.93% 0.65% 21.23% 922 Nixon 1.00% 0.00% 0.44% 0.02% -0.01% 0.03% -0.07% -0.16% 0.25% 1.25% 924 Nocona 9.26% 0.00% 0.41% 0.04% -0.05% 0.04% -0.16% -0.21% 0.07% 9.33% 925 Nolanville 1.89% 0.00% 0.40% 0.01% 0.02% 0.00% -0.11% -0.03% 0.29% 2.18% 928 Normangee 3.45% 0.00% 0.70% 0.02% -0.02% 0.09% -0.41% -0.37% 0.01% 3.46% 931 North Richland Hills 16.26% 0.00% 0.28% 0.11% 0.02% 0.09% -0.04% -0.39% 0.07% 16.33% 930 Northlake 9.00% 0.00% 0.93% 0.03% -0.10% -0.16% -0.09% 0.31% 0.92% 9.92% 935 O'Donnell 6.83% 0.00% 1.34% 0.07% -0.13% 0.61% -0.29% -0.86% 0.74% 7.57% 936 Oak Point 6.70% 0.00% 1.14% 0.04% -0.07% -0.06% -0.15% 0.18% 1.08% 7.78% 937 Oak Ridge North 11.71% 0.00% 0.55% 0.05% -0.04% -0.03% -0.05% -0.03% 0.45% 12.16% 942 Odem 6.84% 0.00% 0.78% 0.04% -0.01% -0.19% -0.06% 0.62% 1.18% 8.02% 944 Odessa 13.39% 0.00% 0.79% 0.09% -0.13% -0.29% -0.04% 0.21% 0.63% 14.02% 945 Oglesby 0.01% 0.00% 0.05% 0.03% -0.01% -0.05% 0.00% 0.02% 0.04% 0.05% 949 Old River-Winfree 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 950 Olmos Park 1.21% 0.00% 1.11% 0.05% -0.01% 0.01% 0.20% -0.21% 1.15% 2.36% 951 Olney 6.70% 0.00% 0.94% 0.03% 0.00% -0.01% 0.37% 0.08% 1.41% 8.11% 953 Omaha 4.77% 0.00% 0.70% 0.04% -0.01% -0.01% 0.05% -0.38% 0.39% 5.16% 954 Onalaska 1.61% 0.00% 0.60% 0.02% 0.00% 0.04% 0.33% 0.06% 1.05% 2.66% 958 Orange 17.87% 0.00% 0.01% 0.10% -0.03% 0.12% -0.13% -0.68% -0.61% 17.26% 960 Orange Grove 1.95% 0.00% 0.98% 0.04% -0.18% -0.47% 0.37% -0.63% 0.11% 2.06% 959 Ore City 0.76% 0.00% 0.54% 0.02% -0.01% 0.04% 0.11% -0.07% 0.63% 1.39% 962 Overton 0.92% 0.00% 0.94% 0.04% -0.01% 0.02% 0.20% 0.29% 1.48% 2.40% 961 Ovilla 8.73% 0.00% 0.97% 0.04% -0.01% 0.01% -0.05% -0.15% 0.81% 9.54% 963 Oyster Creek 9.35% 0.00% 1.34% 0.06% 0.01% 0.10% -0.02% -0.01% 1.48% 10.83% 964 Paducah 2.48% 0.00% 0.37% 0.00% -0.08% 0.00% -0.02% -2.38% -2.11% 0.37% 966 Palacios 16.82% 0.00% 1.01% 0.05% -0.01% -0.12% 0.35% 0.02% 1.30% 18.12% 968 Palestine 13.93% 0.00% 0.33% 0.06% -0.02% 0.29% -0.03% -0.38% 0.25% 14.18% 970 Palmer 6.78% 0.00% 0.48% 0.03% -0.04% 0.00% 0.07% -0.38% 0.16% 6.94% 969 Palmhurst 0.84% 4.45% 0.73% 0.01% 0.27% 0.04% -0.40% -0.33% 4.77% 5.61% 971 Palmview 2.02% 0.00% 0.48% 0.01% -0.01% -0.13% 0.06% -0.11% 0.30% 2.32% 972 Pampa 21.27% 0.00% 0.70% 0.07% -0.07% -0.36% 0.01% -0.07% 0.28% 21.55% 974 Panhandle 13.63% 0.00% 0.45% 0.05% -0.01% -0.01% -0.34% -0.72% -0.58% 13.05% 973 Panorama Village 5.66% 0.00% 1.04% 0.07% 0.00% 0.01% -0.58% 0.27% 0.81% 6.47% 975 Pantego 16.57% 0.00% 1.16% 0.08% 0.09% 0.15% 0.63% -0.19% 1.92% 18.49% 976 Paris 5.73% 0.00% 1.33% 0.07% -0.01% 0.07% -0.02% -0.20% 1.24% 6.97% 977 Parker 11.20% 0.00% 1.11% 0.04% -0.04% -0.29% 0.19% 0.02% 1.03% 12.23% 978 Pasadena 12.70% 0.00% 1.22% 0.10% -0.03% -0.01% -0.05% -0.27% 0.96% 13.66% 983 Pearland 13.37% 0.00% 0.19% 0.05% -0.04% -0.08% -0.06% 0.18% 0.24% 13.61% 984 Pearsall 3.29% 0.00% 0.29% 0.03% -0.01% 0.00% -0.13% -0.20% -0.02% 3.27% 988 Pecos City 5.18% 0.00% 0.66% 0.05% -0.07% 0.04% -0.02% 0.14% 0.80% 5.98% 994 Perryton 14.11% 0.00% 1.03% 0.08% -0.07% -0.15% -0.09% 0.19% 0.99% 15.10% 1000 Pflugerville 13.64% 0.00% 0.27% 0.05% -0.03% -0.22% -0.21% 0.03% -0.11% 13.53% 1002 Pharr 6.52% 0.00% 1.35% 0.04% -0.03% -0.07% 0.08% 0.12% 1.49% 8.01% 1004 Pilot Point 9.03% 0.00% 0.34% 0.03% -0.11% -0.15% -0.29% 0.14% -0.04% 8.99% 1005 Pinehurst 16.14% 0.00% 1.23% 0.06% 0.07% 0.43% 1.62% -0.11% 3.30% 19.44% 1003 Pineland 10.26% 0.00% 0.58% 0.09% -0.05% 0.37% 0.05% -1.08% -0.04% 10.22% 1001 Piney Point Village 6.69% 0.00% 0.81% 0.03% 0.06% 0.01% 0.00% 0.28% 1.19% 7.88% 1006 Pittsburg 15.35% 0.00% 1.57% 0.08% -0.09% -0.27% 0.16% -0.38% 1.07% 16.42% 1007 Plains 5.74% 0.00% 1.30% 0.09% -0.26% -0.04% 0.42% 0.11% 1.62% 7.36% 1008 Plainview 13.78% 0.00% 0.94% 0.09% -0.13% -0.20% 0.13% -0.42% 0.41% 14.19% 1010 Plano 17.44% 0.00% 0.26% 0.09% -0.04% -0.07% -0.07% -0.29% -0.12% 17.32% 1012 Pleasanton 16.280/( 0.00% 0.64% 0.04% -0.09% -0.14% -0.37% -0.04% 0.04% 16.32% 1013 Point 5.84% 7.34% 1.28% 0.03% 0.53% -0.51% -0.20% -1.32% 7.15% 12.99% Page 11 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 1017 Ponder 5.29% 0.00% 0.97% 0.04% -0.01% -0.02% 0.08% 0.12% 1.18% 6.47% 1014 Port Aransas 12.22% 0.00% 0.58% 0.03% -0.10% -0.26% -0.08% -0.62% -0.45% 11.77% 11016 Port Arthur 13.61% 0.00% 0.35% 0.08% -0.04% 0.02% -0.02% -0.37% 0.02% 13.63% 1018 Port Isabel 3.65% 0.00% 0.73% 0.03% 0.01% -0.02% 0.00% -0.51% 0.24% 3.89% 1020 Port Lavaca 5.68% 0.00% 0.64% 0.04% -0.05% -0.05% -0.03% -0.21% 0.34% 6.02% 1022 Port Neches 11.56% 0.04% 0.85% 0.10% -0.07% -0.12% -0.27% 0.00% 0.53% 12.09% 1019 Portland 14.30% 0.00% 0.16% 0.06% -0.03% -0.17% 0.33% -0.15% 0.20% 14.50% 1024 Post 10.08% 0.00% 0.86% 0.06% -0.22% -0.26% 0.04% 0.18% 0.66% 10.74% 1026 Poteet 0.72% 0.00% 0.68% 0.04% -0.03% -0.09% 0.18% 0.15% 0.93% 1.65% 1028 Poth 3.49% 0.00% 0.73% 0.03% 0.04% 0.03% -0.05% 0.00% 0.78% 4.27% 1030 Pottsboro 5.71% 0.00% 0.89% 0.02% 0.09% 0.01% 0.01% 0.04% 1.06% 6.77% 1032 Premont 0.02% 0.00% 0.59% 0.03% 0.00% -0.05% 0.06% 0.06% 0.69% 0.71% 1029 Presidio 0.44% 0.00% 0.48% 0.02% -0.14% 0.00% 0.04% 0.09% 0.49% 0.93% 1033 Primera 0.33% 0.00% 0.47% 0.02% 0.01% 0.00% -0.07% 0.02% 0.45% 0.78% 1034 Princeton 10.61% 0.00% 0.43% 0.04% -0.06% -0.04% -0.09% -0.23% 0.05% 10.66% 1036 Prosper 13.38% 0.00% 0.08% 0.03% 0.02% -0.20% 0.31% 0.35% 0.59% 13.97% 1042 Quanah 9.94% 0.00% 0.63% 0.08% -0.22% 0.26% -0.09% -0.61% 0.05% 9.99% 1045 Queen City 1.45% 0.00% 0.53% 0.02% -0.01% -0.02% -0.03% 0.02% 0.51% 1.96% 1044 Quinlan 10.48% 0.00% 0.74% 0.01% -0.10% -0.06% -0.15% -0.79% -0.35% 10.13% 1047 Quintana 1.33% 0.00% 0.87% 0.04% -0.09% -0.06% 0.10% 0.41% 1.27% 2.60% 1046 Quitaque 4.40% 0.00% 1.15% 0.07% -0.02% 0.00% 0.01% 0.12% 1.33% 5.73% 1048 Quitman 8.10% 0.00% 0.52% 0.07% -0.04% -0.20% 0.01% 0.16% 0.52% 8.62% 1050 Ralls 7.22% 0.00% 0.76% 0.07% -0.08% -0.20% -0.20% -0.46% -0.11% 7.11% 1051 Rancho Viejo 6.23% 0.00% 1.25% 0.09% -0.07% 0.02% 0.00% -0.11% 1.18% 7.41% 1052 Ranger 8.78% 0.00% 0.50% 0.04% -0.01% 0.01% -0.38% -0.84% -0.68% 8.10% 1054 Rankin 1.07% 0.00% 0.65% 0.05% -0.07% -0.10% 0.08% -0.48% 0.13% 1.20% 1055 Ransom Canyon 14.40% 0.00% 1.01% 0.05% 0.02% 0.12% 0.18% -0.45% 0.93% 15.33% 1058 Raymondville 0.48% 0.00% 1.66% 0.03% -0.04% 0.03% -0.13% -0.24% 1.31% 1.79% 1061 Red Oak 5.31% 0.00% 0.88% 0.03% 0.02% -0.06% -0.09% 0.08% 0.86% 6.17% 1062 Redwater 3.39% 0.00% 0.76% 0.03% 0.03% 0.03% 0.08% 0.03% 0.96% 4.35% 1064 Refugio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1065 Reklaw 16.34% 0.00% 2.02% 0.12% -0.27% -1.05% 0.09% 0.54% 1.45% 17.79% 1066 Reno (Lamar County) 3.18% 0.00% 0.58% 0.03% 0.00% -0.03% -0.08% 0.02% 0.52% 3.70% 1069 Reno (Parker County) 2.52% 0.00% 0.42% 0.01% -0.03% 0.04% 0.17% 0.09% 0.70% 3.22% 1067 Rhome 6.13% 0.00% 1.20% 0.04% 0.13% 0.00% -0.54% -0.06% 0.77% 6.90% 1068 Rice 0.32% 0.00% 0.41% 0.02% -0.04% 0.14% 0.05% 0.03% 0.61% 0.93% 1070 Richardson 13.32% 0.00% 1.37% 0.09% 0.00% 0.00% -0.05% -0.15% 1.26% 14.58% 1073 Richland Hills 16.16% 0.00% 0.48% 0.10% -0.06% -0.07% 0.11% -0.58% -0.02% 16.14% 1074 Richland Springs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1076 Richmond 13.21% 0.00% 0.51% 0.10% -0.11% -0.15% 0.27% 0.10% 0.72% 13.93% 1077 Richwood 11.00% 0.00% 0.51% 0.05% -0.09% -0.23% 0.24% -0.24% 0.24% 11.24% 1072 Riesel 5.57% 0.00% 0.86% 0.02% 0.01% -0.08% 0.12% 0.05% 0.98% 6.55% 1075 Rio Grande City 7.26% 0.00% 0.25% 0.02% -0.04% -0.08% 0.01% -0.23% -0.07% 7.19% 1079 Rio Vista 4.97% 0.00% 0.81% 0.03% -0.17% 0.03% -0.09% -1.51% -0.90% 4.07% 1080 Rising Star 0.00% 0.00% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.19% 0.19% 1082 River Oaks 15.50% 0.00% 0.52% 0.07% 0.04% 0.43% -0.03% -1.82% -0.79% 14.71% 1084 Roanoke 16.52% 0.00% 0.00% 0.05% -0.09% -0.23% -0.11% 0.75% 0.37% 16.89% 1088 Robert Lee 5.72% 0.00% 1.17% 0.04% -0.08% -0.15% -0.01% 0.20% 1.17% 6.89% 1089 Robinson 13.17% 0.00% 1.14% 0.05% -0.04% -0.16% 0.33% 0.19% 1.51% 14.68% 21090 Robstown 6.10% 0.00% 0.46% 0.04% -0.04% -0.10% -0.01% -0.04% 0.31% 6.41% 11090 Robstown Utility Systems 16.53% 0.00% 0.30% 0.08% -0.06% 0.02% -0.03% 0.03% 0.34% 16.87% 1092 Roby 2.08% 0.00% 1.50% 0.09% 0.09% 0.10% 0.18% 0.35% 2.31% 4.39% 1 096 Rockdale 9.65% 0.00% 0.36% 0.04% 0.00% 0.08% -0.01% -0.220/( 0.25% 9.90% 1098 Rockport 15.20% 1 0.00% 0.63% 0.07% -0.08% -0.29% -0.16% -0.32% -0.15% 15.05% Page 12 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 1100 Rocksprings 0.00% 0.00% 0.68% 0.04% 0.00% 0.38% 0.00% 0.90% 2.00% 2.00% 1102 Rockwall 16.22% 0.00% 0.07% 0.06% -0.05% -0.09% 0.05% -0.09% -0.05% 16.17% 1104 Rogers 4.35% 0.00% 0.94% 0.05% -0.03% 0.14% -0.20% 0.11% 1.01% 5.36% 1105 Rollingwood 8.38% 0.00% 0.87% 0.05% 0.08% 0.00% -0.22% 0.21% 0.99% 9.37% 1106 Roma 10.51% 0.00% 0.55% 0.05% -0.06% -0.22% -0.03% 0.09% 0.38% 10.89% 1109 Roscoe 1.23% 0.00% 0.75% 0.05% -0.07% 0.08% -0.10% 0.03% 0.74% 1.97% 1112 Rosebud 1.34% 0.00% 0.35% 0.01% -0.01% 0.00% 0.00% 0.14% 0.49% 1.83% 1114 Rosenberg 13.48% 0.00% 0.07% 0.06% -0.10% -0.33% -0.21% 0.17% -0.34% 13.14% 1116 Rotan 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1118 Round Rock 15.40% 0.00% 0.30% 0.08% -0.06% -0.13% 0.00% -0.04% 0.15% 15.55% 1119 Rowlett 12.42% 0.00% 0.68% 0.08% -0.05% -0.08% -0.13% 0.08% 0.58% 13.00% 1120 Royse City 12.52% 0.00% 0.63% 0.03% -0.14% -0.14% 0.32% 0.21% 0.91% 13.43% 1122 Rule 8.00% 0.00% 1.85% 0.15% 0.03% -0.64% -0.70% 0.19% 0.88% 8.88% 1123 Runaway Bay 2.20% 0.00% 0.41% 0.02% 0.01% -0.06% -0.27% 0.02% 0.13% 2.33% 1124 Runge 14.96% 0.00% 1.18% 0.09% 0.18% 1.94% 0.25% -0.29% 3.35% 18.31% 1126 Rusk 5.69% 0.00% 0.41% 0.05% -0.04% -0.02% 0.26% 0.31% 0.97% 6.66% 1128 Sabinal 2.68% 0.00% 0.61% 0.04% 0.00% -0.01% -0.08% -0.11% 0.45% 3.13% 1129 Sachse 13.42% 0.00% 0.45% 0.05% -0.02% -0.07% 0.23% -0.01% 0.63% 14.05% 1131 Saginaw 17.85% 0.00% -0.08% 0.06% 0.01% -0.13% -0.04% -0.12% -0.30% 17.55% 1130 Saint Jo 5.55% 0.00% 0.39% 0.04% -0.05% 0.01% -0.07% -0.24% 0.08% 5.63% 1133 Salado 6.98% 0.00% 0.37% 0.03% -0.25% -0.04% 0.10% 0.14% 0.35% 7.33% 1132 San Angelo 17.09% 0.00% 0.82% 0.08% -0.08% -0.32% 0.04% 0.05% 0.59% 17.68% 21136 San Antonio 10.36% 0.11% 1.04% 0.06% -0.05% -0.17% -0.01% 0.01% 0.99% 11.35% 11136 San Antonio Water System 3.69% 0.00% 0.10% 0.03% -0.02% -0.02% -0.01% -0.10% -0.02% 3.67% 1138 San Augustine 10.19% 0.00% 1.03% 0.06% -0.01% 0.32% -0.08% -0.49% 0.83% 11.02% 1140 San Benito 4.90% 0.00% 0.86% 0.03% 0.01% 0.05% -0.14% -0.08% 0.73% 5.63% 1144 San Felipe 3.57% 0.00% 1.07% 0.05% -0.20% -0.17% -0.06% -0.26% 0.43% 4.00% 1148 San Juan 1.76% 0.00% 0.74% 0.02% 0.00% 0.00% 0.09% 0.03% 0.88% 2.64% 1150 San Marcos 17.49% 0.00% 0.56% 0.07% -0.05% -0.24% -0.11% -0.22% 0.01% 17.50% 1152 San Saba 8.05% 0.00% 0.48% 0.04% 0.03% 0.09% 0.13% -0.28% 0.49% 8.54% 1146 Sanger 7.13% 0.00% 0.82% 0.05% 0.00% -0.02% 0.05% -0.16% 0.74% 7.87% 1153 Sansom Park 6.18% 0.00% 0.54% 0.03% 0.16% 0.01% -0.14% -0.11% 0.49% 6.67% 1155 Santa Fe 12.31% 0.00% 0.19% 0.05% -0.02% -0.03% 0.07% -0.50% -0.24% 12.07% 1158 Savoy 0.83% 0.00% 0.00% 0.00% -0.01% 0.00% -0.82% 0.00% -0.83% 0.00% 1159 Schertz 15.94% 0.00% 0.11% 0.05% -0.01% -0.04% -0.25% 0.07% -0.07% 15.87% 1160 Schulenburg 21.32% 0.00% 0.62% 0.10% 0.15% 1.09% -0.10% -0.62% 1.24% 22.56% 1161 Seabrook 13.72% 0.00% 1.29% 0.08% 0.02% 0.09% 0.01% 0.16% 1.65% 15.37% 1162 Seadrift 3.94% 0.00% 0.82% 0.04% -0.03% -0.34% 0.00% 0.18% 0.67% 4.61% 1164 Seagoville 9.53% 0.00% 1.12% 0.06% -0.06% -0.13% -0.19% 0.30% 1.10% 10.63% 1166 Seagraves 10.09% 0.00% 0.56% 0.04% -0.21% -0.40% -0.06% -0.26% -0.33% 9.76% 1167 Sealy 15.03% 0.00% 0.89% 0.07% -0.02% -0.07% -0.16% -0.67% 0.04% 15.07% 1168 Seguin 15.25% 0.10% 0.93% 0.07% -0.06% -0.32% -0.01% 0.08% 0.79% 16.04% 1169 Selma 15.04% 0.00% 0.13% 0.04% -0.04% -0.16% -0.60% 0.25% -0.38% 14.66% 1170 Seminole 13.53% 0.00% 1.08% 0.08% -0.11% -0.38% 0.09% -1.48% -0.72% 12.81% 1171 Seven Points 5.76% 0.00% 0.54% 0.04% 0.17% -0.23% 0.06% -0.53% 0.05% 5.81% 1172 Seymour 7.36% 0.00% 0.45% 0.08% 0.02% 0.14% 0.10% -0.17% 0.62% 7.98% 1165 Shady Shores 1.10% 0.00% 0.35% 0.02% 0.02% 0.25% 0.06% 0.27% 0.97% 2.07% 1177 Shallowater 2.84% 0.00% 0.68% 0.04% -0.02% 0.03% 0.11% -0.23% 0.61% 3.45% 1174 Shamrock 8.06% 0.00% 0.16% 0.03% -0.10% -0.71% 0.03% -0.33% -0.92% 7.14% 1173 Shavano Park 13.39% 0.00% 0.51% 0.05% -0.02% -0.03% -0.25% -0.04% 0.22% 13.61% 1175 Shenandoah 17.44% 0.00% 0.34% 0.04% 0.05% -0.27% -0.04% 0.20% 0.32% 17.76% 1181 Shepherd 2.32% 0.00% 0.95% 0.03% 0.01% 0.23% -0.24% -0.72% 0.26% 2.58% 1176 Sherman 13.29% 0.00% 0.96% 0.08% -0.02% 0.02% 0.04% -0.21% 0.87% 14.16% 1178 Shiner 7.22% 0.00% 0.13% 0.05% -0.05% -0.20% 0.04% 0.21% 0.18% 7.40% Page 13 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 1179 Shoreacres 5.20% 0.00% 0.55% 0.04% 0.00% 0.02% 0.25% -0.41% 0.45% 5.65% 1180 Silsbee 17.38% 0.00% 0.52% 0.08% 0.00% 0.24% 0.01% 0.06% 0.91% 18.29% 1182 Silverton 1.21% 0.00% 0.55% 0.18% -0.35% 1.00% 0.34% 0.02% 1.74% 2.95% 1184 Sinton 12.40% 0.00% 1.04% 0.05% -0.12% -0.59% -0.25% 0.10% 0.23% 12.63% 1185 Skellytown 0.76% 0.00% 0.64% 0.03% 0.05% 0.09% -0.08% 0.17% 0.90% 1.66% 1186 Slaton 6.01% 0.00% 1.32% 0.06% -0.06% 0.01% -0.08% -0.65% 0.60% 6.61% 1188 Smithville 5.95% 0.00% 0.51% 0.04% -0.05% -0.04% 0.04% 0.07% 0.57% 6.52% 1189 Smyer 8.00% 0.00% 1.85% 0.13% -0.01% -0.37% 0.48% 0.30% 2.38% 10.38% 1190 Snyder 16.11% 0.00% 0.77% 0.08% -0.09% -0.30% -0.24% -0.56% -0.34% 15.77% 1191 Somerset 2.90% 0.00% 0.58% 0.02% -0.03% -0.01% 0.05% -0.28% 0.33% 3.23% 1192 Somerville 5.40% 0.00% 0.33% 0.03% -0.01% 0.00% -0.05% -0.30% 0.00% 5.40% 1194 Sonora 8.86% 0.00% 0.29% 0.04% 0.02% -0.02% -0.17% -0.06% 0.10% 8.96% 1196 Sour Lake 0.00% 3.77% 1.05% 0.03% 0.23% 0.13% 0.80% -0.26% 5.75% 5.75% 1198 South Houston 10.94% 0.00% 0.31% 0.07% -0.06% -0.03% 0.03% -0.12% 0.20% 11.14% 1199 South Padre Island 12.46% 0.00% 0.37% 0.06% 0.01% 0.00% -0.23% -0.18% 0.03% 12.49% 1197 Southlake 11.50% 0.00% 0.70% 0.06% -0.02% -0.05% -0.09% 0.04% 0.64% 12.14% 1202 Southside Place 10.62% 0.00% 0.78% 0.06% -0.15% -0.27% 0.02% 0.63% 1.07% 11.69% 1204 Spearman 12.60% 0.00% 0.88% 0.08% -0.09% -0.17% -0.39% -0.41% -0.10% 12.50% 1205 Spring Valley Village 6.07% 0.00% 1.33% 0.07% -0.06% -0.01% 0.08% 0.02% 1.43% 7.50% 1203 Springtown 9.97% 0.00% 0.57% 0.05% 0.00% -0.02% 0.02% -0.84% -0.22% 9.75% 1206 Spur 5.13% 0.00% 0.88% 0.07% 0.00% 0.03% -0.07% 0.01% 0.92% 6.05% 1207 Stafford 14.51% 0.00% 0.52% 0.07% -0.08% -0.25% 0.03% 0.24% 0.53% 15.04% 1208 Stamford 5.01% 0.00% 0.47% 0.06% -0.03% -0.10% 0.31% -0.36% 0.35% 5.36% 1210 Stanton 7.57% 0.00% 0.39% 0.05% -0.06% -0.30% 0.00% 0.49% 0.57% 8.14% 1211 Star Harbor 9.27% 0.00% 0.63% 0.10% -0.08% -0.23% -0.22% 0.04% 0.24% 9.51% 1212 Stephenville 14.19% 0.00% 0.48% 0.08% -0.04% -0.04% -0.13% -0.25% 0.10% 14.29% 1213 Sterling City 0.39% 0.00% 0.78% 0.04% 0.00% 0.01% 0.06% 0.14% 1.03% 1.42% 1214 Stinnett 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1216 Stockdale 4.09% 0.00% 0.41% 0.00% -0.02% -0.11% -0.08% 0.11% 0.31% 4.40% 1218 Stratford 7.30% 0.00% 0.16% 0.03% -0.18% -0.10% -0.17% -0.69% -0.95% 6.35% 1224 Sudan 2.91% 0.32% 0.81% 0.05% -0.01% -0.23% 0.11% 0.05% 1.10% 4.01% 1225 Sugar Land 14.71% 0.00% -0.34% 0.09% -0.09% -0.22% 0.21% 0.49% 0.14% 14.85% 1226 Sulphur Springs 5.37% 0.38% 1.38% 0.08% -0.03% -0.05% -0.01% -0.19% 1.56% 6.93% 1228 Sundown 10.01% 0.00% 1.43% 0.08% -0.09% -0.03% 0.01% -0.62% 0.78% 10.79% 1229 Sunnyvale 12.19% 0.00% 0.25% 0.05% -0.09% -0.32% -0.11% -0.01% -0.23% 11.96% 1230 Sunray 18.93% 0.00% 0.34% 0.07% -0.06% 0.02% 0.57% -0.35% 0.59% 19.52% 1227 Sunrise Beach Village 0.98% 0.00% 0.39% 0.01% -0.02% 0.04% 0.09% 0.05% 0.56% 1.54% 1231 Sunset Valley 11.20% 0.00% 0.66% 0.05% -0.02% -0.03% 0.15% 0.22% 1.03% 12.23% 1233 Surfside Beach 0.66% 0.00% 0.42% 0.01% -0.01% -0.08% -0.15% -0.01% 0.18% 0.84% 1232 Sweeny 17.26% 0.00% 0.41% 0.07% 0.00% -0.24% -0.03% 0.37% 0.58% 17.84% 1234 Sweetwater 18.15% 0.00% 0.38% 0.08% -0.13% -0.39% 0.01% -0.32% -0.37% 17.78% 1264 TMRS 16.75% 0.00% 0.44% 0.07% -0.17% -0.58% -0.09% 0.14% -0.19% 16.56% 1236 Taft 11.95% 0.00% 1.52% 0.03% 0.12% 0.77% -0.06% 0.14% 2.52% 14.47% 1238 Tahoka 0.00% 0.00% 0.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.40% 0.40% 1241 Tatum 2.09% 0.00% 0.43% 0.02% 0.01% -0.04% -0.16% -0.23% 0.03% 2.12% 1246 Taylor 12.20% 0.00% 0.13% 0.06% -0.04% -0.04% -0.03% -0.38% -0.30% 11.90% 1248 Teague 12.06% 0.00% 0.95% 0.05% -0.08% -0.06% -0.51% -0.31% 0.04% 12.10% 1252 Temple 15.85% 0.00% 0.46% 0.08% -0.07% -0.15% 0.09% 0.10% 0.51% 16.36% 1254 Tenaha 0.51% 0.00% 0.47% 0.00% -0.01% 0.00% 0.12% -0.62% -0.04% 0.47% 1256 Terrell 17.15% 0.00% 0.27% 0.09% -0.03% -0.27% -0.27% -0.59% -0.80% 16.35% 1258 Terrell Hills 12.66% 0.00% 0.22% 0.07% -0.02% 0.00% -0.07% -1.14% -0.94% 11.72% 31263 Tex Municipal League IEBP 3.96% 0.11% 1.27% 0.05% 0.00% 0.00% 0.03% -0.02% 1.44% 5.40% 21263 Tex Municipal League IRP 9.36% 0.97% 0.89% 0.12% -0.15% 0.00% 0.01% 0.18% 2.02% 11.38% 21260 Texarkana 15.48% 0.00% 0.74% 0.08% -0.02% 0.05% -0.10% -0.41% 0.34% 15.82% Page 14 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 11260 Texarkana Police Dept 16.76% 0.00% -0.22% 0.11% 0.01% 0.21% -0.01% -0.74% -0.64% 16.12% 31260 Texarkana Water Utilities 15.83% 0.00% 0.82% 0.07% 0.01% 0.23% 0.02% -0.78% 0.37% 16.20% 1262 Texas City 16.67% 0.00% 0.56% 0.11% -0.06% 0.03% 0.03% -0.50% 0.17% 16.84% 11263 Texas Municipal League 15.63% 0.00% 0.57% 0.10% 0.00% -0.23% -0.05% 0.13% 0.52% 16.15% 1265 Texhoma 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1267 The Colony 12.06% 0.00% 0.77% 0.07% -0.07% -0.10% 0.09% 0.25% 1.01% 13.07% 1269 Thompsons 2.84% 0.00% 1.00% 0.06% -0.02% -0.02% -0.01% 0.13% 1.14% 3.98% 1268 Thorndale 5.70% 0.00% 0.83% 0.05% -0.08% 0.00% 0.33% 0.16% 1.29% 6.99% 1272 Thrall 5.53% 1.80% 0.60% 0.01% 0.15% -0.05% 0.03% 0.00% 2.54% 8.07% 1274 Three Rivers 5.14% 0.00% 0.40% 0.03% -0.04% -0.14% -0.06% 0.09% 0.28% 5.42% 1276 Throckmorton 6.54% 0.00% -0.25% 0.06% -0.01% 0.07% -0.01% -0.07% -0.21% 6.33% 1277 Tiki Island 2.62% 0.00% 0.86% 0.04% -0.03% -0.06% -0.19% 0.32% 0.94% 3.56% 1278 Timpson 2.22% 0.00% 0.69% 0.04% -0.01% -0.01% -0.03% -0.29% 0.39% 2.61% 1280 Tioga 0.50% 0.00% 0.57% 0.02% 0.00% 0.04% -0.08% -0.28% 0.27% 0.77% 1283 Tolar 7.37% 0.00% 1.43% 0.09% 0.14% -0.10% -0.18% 0.37% 1.75% 9.12% 1286 Tom Bean 2.00% 0.00% 0.44% 0.01% -0.01% 0.01% 0.00% -1.37% -0.92% 1.08% 1284 Tomball 13.30% 0.00% 0.21% 0.05% -0.05% -0.13% 0.07% 0.14% 0.29% 13.59% 1290 Trent 6.87% 0.00% 1.87% 0.11% 0.00% -0.03% 0.01% 0.36% 2.32% 9.19% 1292 Trenton 3.74% 0.00% 0.83% 0.03% 0.01% -0.11% 0.22% 0.10% 1.08% 4.82% 1293 Trinidad 3.72% 0.00% 1.20% 0.05% 0.06% 0.42% 0.15% -0.36% 1.52% 5.24% 1294 Trinity 6.64% 0.61% 0.34% 0.02% 0.06% -0.03% 0.32% -0.06% 1.26% 7.90% 1295 Trophy Club 12.63% 0.00% 0.95% 0.06% -0.14% 0.00% -0.13% -0.24% 0.50% 13.13% 1296 Troup 5.66% 0.00% 0.22% 0.02% 0.04% -0.02% -0.23% 0.15% 0.18% 5.84% 1297 Troy 9.18% 2.29% 1.08% 0.03% -0.03% -0.58% 0.42% 0.17% 3.38% 12.56% 1298 Tulia 11.62% 0.00% 0.40% 0.09% -0.04% 0.09% 0.25% -0.50% 0.29% 11.91% 1299 Turkey 5.19% 0.00% 0.64% 0.05% -0.47% -0.80% -0.03% 0.31% -0.30% 4.89% 1301 Tye 6.56% 0.00% 0.82% 0.03% -0.04% -0.27% 0.48% 0.22% 1.24% 7.80% 1304 Tyler 20.63% 0.00% 0.46% 0.10% -0.04% -0.42% 0.09% -0.07% 0.12% 20.75% 1305 Universal City 18.45% 0.00% 0.56% 0.06% -0.03% -0.06% 0.17% -0.08% 0.62% 19.07% 1306 University Park 5.55% 0.00% 1.61% 0.09% -0.03% 0.00% 0.06% -0.05% 1.68% 7.23% 1308 Uvalde 5.96% 0.00% 0.16% 0.04% -0.03% -0.05% 0.22% -0.13% 0.21% 6.17% 1313 Valley View 2.34% 0.00% 0.47% 0.01% -0.02% 0.32% -0.60% -0.10% 0.08% 2.42% 1314 Van 7.57% 0.00% 0.76% 0.03% 0.11% 0.01% -0.15% -0.50% 0.26% 7.83% 1316 Van Alstyne 10.50% 0.00% 0.09% 0.04% 0.06% 0.12% -0.20% -0.13% -0.02% 10.48% 1318 Van Horn 7.65% 0.00% 0.53% 0.07% -0.09% 0.02% -0.01% 0.23% 0.75% 8.40% 1320 Vega 21.27% 0.00% 0.94% 0.13% -0.23% -0.24% 0.90% 0.32% 1.82% 23.09% 1324 Venus 11.05% 0.00% 0.49% 0.04% -0.15% -0.01% 0.03% -1.10% -0.70% 10.35% 1326 Vernon 17.80% -6.11% 1.66% 0.06% -0.23% 0.68% -0.21% -0.34% -4.49% 13.31% 1328 Victoria 16.68% 0.00% 0.28% 0.08% -0.09% -0.35% 0.02% -0.13% -0.19% 16.49% 1329 Vidor 15.55% 0.00% 0.33% 0.08% -0.04% 0.00% 0.22% -0.12% 0.47% 16.02% 1500 Village Fire Department 6.70% 0.00% 1.45% 0.08% -0.01% 0.02% 0.06% 0.04% 1.64% 8.34% 1330 Waco 12.96% 0.00% 1.15% 0.07% 0.01% 0.09% -0.06% -0.26% 1.00% 13.96% 1332 Waelder 1.85% 0.00% 0.62% 0.03% 0.01% 0.01% 0.04% -0.04% 0.67% 2.52% 1334 Wake Village 13.40% 0.00% 0.89% 0.05% 0.08% 0.01% -0.13% -0.10% 0.80% 14.20% 1336 Waller 3.92% 0.00% 0.74% 0.04% -0.03% 0.01% 0.16% -0.35% 0.57% 4.49% 1337 Wallis 2.35% 0.00% 0.84% 0.04% -0.26% 0.01% 0.03% -0.21% 0.45% 2.80% 1338 Walnut Springs 2.01% 0.00% 1.02% 0.07% -0.03% -0.05% -0.09% 0.09% 1.01% 3.02% 1340 Waskom 6.40% 0.00% 0.43% 0.04% 0.05% 0.15% 0.05% -0.11% 0.61% 7.01% 1341 Watauga 13.16% 0.00% 0.67% 0.07% -0.04% 0.00% 0.01% -0.14% 0.57% 13.73% 1342 Waxahachie 14.83% 0.00% 0.55% 0.08% -0.07% -0.09% 0.03% 0.02% 0.52% 15.35% 1344 Weatherford 12.85% 0.00% 0.72% 0.07% -0.03% -0.03% -0.09% -0.13% 0.51% 13.36% 1345 Webster 16.97% 0.00% 0.04% 0.07% -0.02% 0.05% 0.01% 0.00% 0.15% 17.12% 1346 Weimar 17.36% 0.00% 1.71% 0.09% 0.03% 0.31% 0.15% 0.141/( 2.430/( 19.79% 1350 Wellington 2.76% 0.00% 1.35% 0.13% 0.00% -0.27% -0.18% 0.12% 1.15% 3.91% Page 15 of 16 Section 3 TEXAS MUNICIPAL RETIREMENT SYSTEM Changes in Full Retirement Rate from Prior Valuation Report CITY NUMBER CITY NAME 2016 Rates Benefit Changes Assumption & Method Changes Return on AVA Contribution Lag/Phase In Payroll Growth Normal Cost Liability Growth Total Change 2017 Rates 1352 Wells 3.73% 0.00% 0.44% 0.06% 0.04% -0.03% 0.00% -0.51% 0.00% 3.73% 1354 Weslaco 5.97% 0.08% 1.43% 0.05% -0.02% 0.01% 0.27% -0.08% 1.74% 7.71% 1356 West 2.15% 0.00% 0.59% 0.04% -0.29% -0.01% -0.20% -0.12% 0.01% 2.16% 1358 West Columbia 2.44% 0.00% 0.81% 0.05% -0.04% 0.12% 0.00% -0.29% 0.65% 3.09% 1359 West Lake Hills 16.47% 0.00% 0.53% 0.06% -0.04% 0.09% 0.50% -0.65% 0.49% 16.96% 1361 West Orange 20.22% 0.00% 0.70% 0.09% -0.01% -0.29% -0.01% -0.37% 0.11% 20.33% 1365 West Tawakoni 10.54% 0.00% 1.37% 0.04% 0.01% 0.16% 0.04% -0.55% 1.07% 11.61% 1364 West Univ. Place 12.83% 0.00% 0.89% 0.07% -0.02% -0.22% -0.38% 0.38% 0.72% 13.55% 1363 Westlake 11.38% 0.00% 0.80% 0.04% -0.12% -0.49% -0.01% 0.45% 0.67% 12.05% 1362 Westover Hills 1.25% 0.00% 0.51% 0.03% 0.00% 0.00% 0.05% 0.00% 0.59% 1.84% 1366 Westworth Village 10.92% 0.00% 0.57% 0.03% -0.02% -0.05% 0.06% -0.19% 0.40% 11.32% 1368 Wharton 6.05% 0.00% 0.15% 0.04% -0.05% -0.04% 0.07% -0.05% 0.12% 6.17% 1370 Wheeler 8.43% 0.00% 0.19% 0.09% -0.30% -0.20% -0.45% -0.46% -1.13% 7.30% 1372 White Deer 7.09% 0.00% 0.44% 0.04% 0.00% -0.16% 0.15% 0.16% 0.63% 7.72% 1377 White Oak 15.08% 0.00% 0.33% 0.07% 0.03% 0.19% 0.03% -0.39% 0.26% 15.34% 1378 White Settlement 10.52% 0.00% 0.37% 0.06% -0.05% -0.01% -0.15% -0.18% 0.04% 10.56% 1374 Whiteface 2.22% 0.00% 0.73% 0.09% -0.01% -0.19% -0.53% -0.39% -0.30% 1.92% 1375 Whitehouse 5.11% 0.00% 0.29% 0.04% -0.01% 0.00% -0.04% 0.06% 0.34% 5.45% 1376 Whitesboro 6.90% 0.00% 0.50% 0.05% -0.01% 0.02% -0.09% -0.08% 0.39% 7.29% 1380 Whitewright 4.35% 0.00% 0.66% 0.03% -0.02% -0.01% -0.07% 0.21% 0.80% 5.15% 1382 Whitney 4.08% 0.00% 0.25% 0.02% 0.00% -0.04% -0.01% -0.04% 0.18% 4.26% 1384 Wichita Falls 11.92% 0.00% 0.69% 0.06% -0.05% -0.03% -0.07% 0.02% 0.62% 12.54% 1386 Willis 9.16% 0.00% 0.89% 0.04% -0.04% -0.09% 0.08% -0.04% 0.84% 10.00% 1387 Willow Park 6.60% 0.00% 0.79% 0.01% -0.16% -0.12% -0.03% 0.07% 0.56% 7.16% 1388 Wills Point 10.92% 0.00% 0.87% 0.06% 0.01% 0.22% -0.01% 0.24% 1.39% 12.31% 1390 Wilmer 1.92% 0.00% 0.96% 0.04% -0.03% 0.04% 0.18% 0.03% 1.22% 3.14% 1392 Wimberley 2.11% 0.00% 0.50% 0.02% 0.00% 0.01% -0.14% 0.04% 0.43% 2.54% 1393 Windcrest 7.25% 0.00% 0.52% 0.05% 0.01% -0.01% 0.24% -0.29% 0.52% 7.77% 1395 Winfield 1.79% 0.00% 0.57% 0.01% 0.03% 0.05% 0.05% 0.22% 0.93% 2.72% 1396 Wink 5.42% 0.00% 0.97% 0.05% -0.16% 0.10% 0.00% 0.60% 1.56% 6.98% 1398 Winnsboro 9.88% 0.00% 0.35% 0.04% -0.05% -0.09% 0.08% -0.03% 0.30% 10.18% 1399 Winona 7.35% 0.00% 1.59% 0.04% 0.05% -2.97% 0.73% -1.35% -1.91% 5.44% 1400 Winters 9.18% 0.00% 0.85% 0.09% 0.03% 0.17% 0.31% -0.31% 1.14% 10.32% 1403 Wolfforth 11.05% 0.00% 0.36% 0.04% 0.00% 0.09% -0.02% 0.24% 0.71% 11.76% 1409 Woodcreek 2.92% 0.00% 0.36% 0.02% 0.02% -0.02% -0.23% -0.30% -0.15% 2.77% 1404 Woodsboro 0.00% 0.00% 0.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.32% 0.32% 1406 Woodville 15.62% 0.00% 0.98% 0.07% -0.06% -0.36% -0.06% 0.40% 0.97% 16.59% 1407 Woodway 15.68% 0.00% 0.63% 0.08% -0.06% -0.18% 0.08% 0.35% 0.90% 16.58% 1408 Wortham 4.62% 0.00% 1.06% 0.03% 0.04% -0.07% 0.23% 0.09% 1.38% 6.00% 1410 Wylie 14.75% 0.00% 0.47% 0.05% 0.04% -0.14% -0.30% 0.10% 0.22% 14.97% 1412 Yoakum 15.08% 0.00% 0.58% 0.08% -0.10% -0.34% 0.00% 0.39% 0.61% 15.69% 1414 Yorktown 0.70% 0.00% 0.65% 0.05% -0.01% 0.01% -0.10% 0.12% 0.72% 1.42% 1415 Zavalla 1.77% 0.00% 0.88% 0.04% -0.09% 0.22% -0.02% 0.29% 1.32% 3.09% Page 16 of 16 COMPARISON OF ' D CITY CONTRIBUTION SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 4 Abernathy $778,550 3.17% $24,680 $801,907 3.27% $26,222 6 Abilene $47,481,364 10.02% $4,757,633 $48,905,805 10.58% $5,174,234 7 Addison $18,857,782 9.33% $1,759,431 $19,423,515 9.83% $1,909,332 10 Alamo $4,450,160 7.27% $323,527 $4,583,665 7.39% $338,733 12 Alamo Heights $5,357,195 16.41% $879,116 $5,517,911 16.93% $934,182 14 Alba $210,504 2.45% $5,157 $216,819 2.95% $6,396 16 Albany $586,486 4.41% $25,864 $604,081 4.69% $28,331 17 Aledo $730,291 5.42% $39,582 $752,200 6.42% $48,291 18 Alice $11,220,480 9.33% $1,046,871 $11,557,094 9.46% $1,093,301 19 Allen $43,842,565 13.71% $6,010,816 $45,157,842 13.94% $6,295,003 20 Alpine $2,488,798 0.37% $9,209 $2,563,462 0.87% $22,302 22 Alto $366,282 6.81% $24,944 $374,706 8.39% $31,438 23 Alton $2,607,537 9.08% $236,764 $2,685,763 10.41% $279,588 24 Alvarado $2,406,932 4.46% $107,349 $2,479,140 4.96% $122,965 26 Alvin $10,213,076 16.89% $1,724,989 $10,519,468 17.80% $1,872,465 28 Alvord $312,837 5.74% $17,957 $322,222 6.39% $20,590 30 Amarillo $81,426,759 10.96% $8,924,373 $83,869,562 11.70% $9,812,739 32 Amherst $140,818 6.24% $8,787 $143,634 3.35% $4,812 34 Anahuac $227,060 8.53% $19,368 $231,601 6.36% $14,730 36 Andrews $3,974,334 15.66% $622,381 $4,093,564 15.51% $634,912 38 Angleton $5,942,862 11.91% $707,795 $6,121,148 11.87% $726,580 40 Anna $2,842,304 12.76% $362,678 $2,927,573 13.51% $395,515 41 Annetta $65,376 2.29% $1,497 $67,337 3.38% $2,276 44 Anson $768,281 1.06% $8,144 $791,329 1.23% $9,733 45 Anthony $1,362,600 2.76% $37,608 $1,403,478 3.12% $43,789 48 Aransas Pass $4,263,224 10.87% $463,412 $4,391,121 11.21% $492,245 50 Archer City $761,309 3.43% $26,113 $784,148 4.06% $31,836 51 Argyle $1,428,274 14.99% $214,098 $1,471,122 14.20% $208,899 52 Arlington $164,326,687 14.93% $24,533,974 $169,256,488 15.43% $26,116,276 54 Arp $303,635 1.45% $4,403 $312,744 1.95% $6,099 60 Aspermont $265,880 0.00% $0 $273,856 0.00% $0 62 Athens $6,735,881 21.21% $1,428,680 $6,937,957 21.17% $1,468,765 64 Atlanta $1,523,295 4.10% $62,455 $1,561,377 4.27% $66,671 66 Aubrey $1,891,683 1.76% $33,294 $1,948,433 2.81% $54,751 74 Avinger $29,316 1.35% $396 $30,195 1.85% $559 75 Azle $5,974,489 11.88% $709,769 $6,153,724 12.12% $745,831 77 Baird $484,755 0.00% $0 $499,298 0.80% $3,994 78 Balch Springs $9,634,849 14.10% $1,358,514 $9,923,894 14.40% $1,429,041 79 Balcones Heights $2,719,207 17.73% $482,115 $2,800,783 17.86% $500,220 80 Ballinger $1,344,897 3.48% $46,802 $1,385,244 3.77% $52,224 82 Balmorhea $29,783 0.00% $0 $30,379 0.00% $0 83 Bandera $614,078 9.83% $60,364 $627,588 9.39% $58,931 84 Bangs $504,665 13.43% $67,777 $519,805 12.79% $66,483 90 Bartlett $659,388 5.96% $39,300 $679,170 6.20% $42,109 91 1 Bartonville $415,809 10.73% $44,616 $428,283 12.92% $55,334 *Reflects phase-in, when applicable. Page 1 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 92 Bastrop $5,534,589 10.87% $601,610 $5,700,627 11.37% $648,161 94 Bay City $7,004,787 9.63% $674,561 $7,200,921 9.96% $717,212 93 Bayou Vista $331,370 2.81% $9,311 $337,997 3.88% $13,114 96 Baytown $48,709,419 17.40% $8,475,439 $50,170,702 17.38% $8,719,668 98 Beaumont $58,166,299 19.17% $11,150,480 $59,911,288 19.67% $11,784,550 100 Bedford $21,229,777 8.02% $1,702,628 $21,866,670 8.52% $1,863,040 101 Bee Cave $2,609,199 7.40% $193,081 $2,687,475 8.40% $225,748 102 Beeville $4,727,139 0.25% $11,818 $4,868,953 0.75% $36,517 106 Bellaire $9,703,331 21.20% $2,057,106 $9,994,431 20.87% $2,085,838 109 Bellmead $3,507,846 9.00% $315,706 $3,613,081 8.99% $324,816 110 Bells $365,624 0.02% $73 $376,593 0.23% $866 112 Bellville $2,555,339 14.00% $357,747 $2,631,999 14.73% $387,693 114 Belton $7,948,867 6.84% $543,703 $8,187,333 7.34% $600,950 118 Benbrook $8,688,044 17.35% $1,507,376 $8,948,685 16.94% $1,515,907 121 Berryville $111,357 1.66% $1,849 $114,698 2.52% $2,890 123 Bertram $417,257 1.42% $5,925 $429,775 1.83% $7,865 124 Big Lake $1,151,125 18.33% $211,001 $1,185,659 17.53% $207,846 126 Big Sandy $440,015 2.68% $11,792 $453,215 3.13% $14,186 128 Big Spring $9,179,965 16.11% $1,478,892 $9,427,824 16.61% $1,565,962 132 Bishop $709,991 3.75% $26,625 $731,291 3.63% $26,546 134 Blanco $526,078 1.34% $7,049 $541,860 1.66% $8,995 140 Blooming Grove $166,840 7.72% $12,880 $171,845 9.25% $15,896 142 Blossom $171,496 3.10% $5,316 $176,641 3.60% $6,359 143 Blue Mound $844,487 4.03% $34,033 $869,822 5.03% $43,752 144 Blue Ridge $161,607 0.29% $469 $166,455 1.10% $1,831 148 Boerne $12,712,561 17.79% $2,261,565 $13,093,938 18.29% $2,394,881 150 Bogata $263,595 0.00% $0 $271,503 0.07% $190 152 Bonham $5,051,608 4.28% $216,209 $5,203,156 4.78% $248,711 154 Booker $494,202 5.05% $24,957 $509,028 5.69% $28,964 156 Borger $7,986,658 15.12% $1,207,583 $8,226,258 14.93% $1,228,180 158 Bovina $343,742 0.00% $0 $354,054 0.04% $142 160 Bowie $3,627,495 9.50% $344,612 $3,736,320 10.24% $382,599 162 Boyd $729,489 3.01% $21,958 $751,374 3.48% $26,148 166 Brady $3,523,868 10.03% $353,444 $3,629,584 10.53% $382,195 170 Brazoria $1,129,661 8.14% $91,954 $1,159,032 8.64% $100,140 172 Breckenridge $2,319,887 7.29% $169,120 $2,382,524 7.79% $185,599 174 Bremond $228,206 15.12% $34,505 $233,455 16.11% $37,610 176 Brenham $10,568,298 6.07% $641,496 $10,885,347 6.57% $715,167 177 Bridge City $3,178,649 14.89% $473,301 $3,274,008 15.09% $494,048 178 Bridgeport $3,089,135 13.35% $412,400 $3,169,453 13.44% $425,974 180 Bronte $109,900 9.00% $9,891 $112,318 10.67% $11,984 182 Brookshire $1,338,545 3.83% $51,266 $1,378,701 4.38% $60,387 184 Brownfield $3,684,783 7.68% $282,991 $3,795,326 7.62% $289,204 10188 Brownsville $59,960,214 17.74% $10,636,942 $61,759,020 17.60% $10,869,588 20188 Brownsville PUB $28,011,419 17.40% $4,873,987 $28,851,762 17.54% $5,060,599 *Reflects phase-in, when applicable. Page 2 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 10190 Brownwood $9,334,615 14.01% $1,307,780 $9,614,653 13.78% $1,324,899 30190 Brownwood Health Dept. $434,030 9.35% $40,582 $447,051 10.36% $46,314 20190 Brownwood Public Library $196,262 3.05% $5,986 $202,150 4.03% $8,147 195 Bruceville-Eddy $524,148 3.66% $19,184 $538,300 4.66% $25,085 192 Bryan $51,731,677 15.04% $7,780,444 $53,283,627 15.29% $8,147,067 193 Bryson $92,057 0.00% $0 $94,819 0.00% $0 194 Buda $3,714,146 11.52% $427,870 $3,825,570 13.19% $504,593 196 Buffalo $554,388 4.06% $22,508 $571,020 4.56% $26,039 198 Bullard $968,761 6.84% $66,263 $997,824 7.66% $76,433 203 Bulverde $1,254,765 7.39% $92,727 $1,292,408 8.76% $113,215 199 Bunker Hill Village $594,062 9.63% $57,208 $611,290 10.42% $63,696 200 Burkburnett $2,925,272 10.03% $293,405 $3,013,030 9.46% $285,033 202 Burleson $20,049,766 15.10% $3,027,515 $20,651,259 15.42% $3,184,424 204 Burnet $5,522,402 12.30% $679,255 $5,688,074 12.74% $724,661 206 Burton $35,315 8.96% $3,164 $36,374 9.43% $3,430 207 Cactus $1,129,890 2.24% $25,310 $1,163,787 2.60% $30,258 208 Caddo Mills $574,277 5.89% $33,825 $591,505 6.30% $37,265 210 Caldwell $2,050,119 8.77% $179,795 $2,111,623 9.10% $192,158 212 Calvert $375,913 0.69% $2,594 $387,190 1.32% $5,111 214 Cameron $1,608,519 10.12% $162,782 $1,647,123 10.38% $170,971 220 Canadian $919,843 14.95% $137,517 $947,438 14.94% $141,547 222 Canton $2,675,799 11.25% $301,027 $2,756,073 11.75% $323,839 224 Canyon $4,430,378 16.97% $751,835 $4,563,289 16.39% $747,923 227 Carmine $30,203 1.71% $516 $30,807 1.32% $407 228 Carrizo Springs $1,934,946 5.02% $97,134 $1,992,994 5.21% $103,835 230 Carrollton $53,131,808 11.48% $6,099,532 $54,672,630 11.98% $6,549,781 232 Carthage $4,306,061 18.66% $803,511 $4,435,243 18.23% $808,545 231 Castle Hills $3,324,892 12.12% $402,977 $3,424,639 11.58% $396,573 234 Castroville $1,758,406 8.60% $151,223 $1,809,400 9.17% $165,922 238 Cedar Hill $20,047,331 12.60% $2,525,964 $20,648,751 13.24% $2,733,895 239 Cedar Park $24,002,949 11.54% $2,769,940 $24,723,037 12.20% $3,016,211 240 Celeste $101,830 9.03% $9,195 $104,885 7.44% $7,803 242 Celina $3,949,938 4.67% $184,462 $4,068,436 5.92% $240,851 244 Center $3,008,673 16.60% $499,440 $3,098,933 16.64% $515,662 246 Centerville $225,382 16.44% $37,053 $232,143 16.94% $39,325 247 Chandler $932,768 4.72% $44,027 $960,751 4.58% $44,002 248 Charlotte $320,084 6.29% $20,133 $329,687 7.00% $23,078 249 Chester $30,993 0.55% $170 $31,613 1.30% $411 245 Chico $330,321 3.26% $10,768 $340,231 3.67% $12,486 250 Childress $2,026,184 14.71% $298,052 $2,086,970 15.01% $313,254 253 Chireno $301,153 18.78% $56,557 $310,188 18.63% $57,788 254 Christine $29,712 0.00% $0 $30,603 0.00% $0 255 Cibolo $5,481,617 10.66% $584,340 $5,646,066 11.94% $674,140 256 Cisco $1,094,576 2.26% $24,737 $1,127,413 2.44% $27,509 258 1 Clarendon $460,831 0.46% $2,120 $474,656 1.20% $5,696 *Reflects phase-in, when applicable. Page 3 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 259 Clarksville $1,068,683 3.63% $38,793 $1,100,743 4.39% $48,323 260 Clarksville City $203,124 0.96% $1,950 $209,218 2.05% $4,289 263 Clear Lake Shores $770,932 10.76% $82,952 $793,289 11.10% $88,055 264 Cleburne $14,676,279 18.20% $2,671,083 $15,116,567 18.60% $2,811,681 266 Cleveland $3,024,901 9.86% $298,255 $3,100,524 10.36% $321,214 268 Clifton $1,030,153 0.73% $7,520 $1,061,058 1.35% $14,324 271 Clute $3,964,774 9.96% $394,891 $4,075,788 10.46% $426,327 272 Clyde $1,122,286 12.86% $144,326 $1,155,955 13.08% $151,199 274 Coahoma $231,240 4.59% $10,614 $238,177 5.31% $12,647 276 Cockrell Hill $1,299,220 6.86% $89,126 $1,338,197 7.55% $101,034 278 Coleman $2,540,451 17.73% $450,422 $2,601,422 16.78% $436,519 280 College Station $49,245,704 12.78% $6,293,601 $50,723,075 13.28% $6,736,024 281 Colleyville $12,281,471 7.37% $905,144 $12,649,915 8.10% $1,024,643 282 Collinsville $290,333 0.66% $1,916 $299,043 1.37% $4,097 283 Colmesneil $120,197 6.70% $8,053 $123,803 7.58% $9,384 284 Colorado City $1,555,748 8.18% $127,260 $1,600,865 8.72% $139,595 286 Columbus $1,672,750 13.15% $219,967 $1,717,914 13.65% $234,495 288 Comanche $1,022,867 4.98% $50,939 $1,053,553 4.48% $47,199 290 Commerce $2,999,061 8.38% $251,321 $3,089,033 8.88% $274,306 294 Conroe $25,512,670 16.06% $4,097,335 $26,278,050 16.35% $4,296,461 295 Converse $6,367,896 13.83% $880,680 $6,558,933 14.44% $947,110 298 Cooper $430,698 5.28% $22,741 $443,619 3.96% $17,567 299 Coppell $27,460,129 15.11% $4,149,225 $28,283,933 15.48% $4,378,353 297 Copper Canyon $179,914 8.80% $15,832 $185,311 9.94% $18,420 300 Copperas Cove $11,420,822 12.31% $1,405,903 $11,763,447 12.33% $1,450,433 301 Corinth $9,328,157 15.02% $1,401,089 $9,608,002 15.39% $1,478,672 302 Corpus Christi $122,740,971 9.98% $12,249,549 $125,564,013 10.48% $13,159,109 304 Corrigan $845,243 0.86% $7,269 $870,600 1.57% $13,668 306 Corsicana $8,506,286 14.00% $1,190,880 $8,676,412 14.81% $1,284,977 308 Cotulla $1,435,443 5.84% $83,830 $1,478,506 6.34% $93,737 311 Covington $68,161 5.51% $3,756 $70,206 6.59% $4,627 310 Crandall $1,262,718 9.78% $123,494 $1,300,600 9.81% $127,589 312 Crane $1,249,836 10.30% $128,733 $1,287,331 10.57% $136,071 314 Crawford $194,721 0.20% $389 $200,563 0.84% $1,685 316 Crockett $2,534,055 8.11% $205,512 $2,610,077 8.27% $215,853 318 Crosbyton $344,538 4.10% $14,126 $354,874 4.81% $17,069 320 Cross Plains $381,486 7.57% $28,878 $392,931 8.07% $31,710 321 Cross Roads $246,207 7.15% $17,604 $253,593 7.01% $17,777 323 Crowley $5,431,162 10.26% $557,237 $5,594,097 10.76% $601,925 324 Crystal City $1,585,399 0.29% $4,598 $1,628,205 0.86% $14,003 326 Cuero $4,909,000 9.99% $490,409 $5,056,270 10.13% $512,200 328 Cumby $400,566 2.36% $9,453 $412,583 2.06% $8,499 332 Daingerfield $787,171 6.62% $52,111 $810,786 7.19% $58,296 334 Daisetta $269,836 0.95% $2,563 $275,233 1.34% $3,688 336 Dalhart $2,502,259 3.65% $91,332 $2,577,327 4.15% $106,959 *Reflects phase-in, when applicable. Page 4 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 339 Dalworthington Gardens $1,582,559 21.95% $347,372 $1,630,036 22.01% $358,771 340 Danbury $353,125 5.72% $20,199 $363,719 6.22% $22,623 341 Darrouzett $105,822 1.38% $1,460 $108,997 1.88% $2,049 344 Dayton $3,462,797 6.25% $216,425 $3,566,681 6.75% $240,751 352 De Leon $486,104 1.25% $6,076 $495,826 1.51% $7,487 10366 DeSoto $21,710,188 10.38% $2,253,518 $22,361,494 10.88% $2,432,931 346 Decatur $5,919,548 15.02% $889,116 $6,097,134 15.13% $922,496 348 Deer Park $18,330,079 13.82% $2,533,217 $18,879,981 14.34% $2,707,389 350 Dekalb $534,792 2.18% $11,658 $549,231 2.94% $16,147 354 Del Rio $18,503,230 6.89% $1,274,873 $19,058,327 7.39% $1,408,410 353 Dell City $54,671 5.08% $2,777 $55,764 6.70% $3,736 356 Denison $10,436,706 11.80% $1,231,531 $10,749,807 12.30% $1,322,226 358 Denton $79,144,454 17.23% $13,636,589 $81,518,788 17.30% $14,102,750 360 Denver City $1,298,435 11.59% $150,489 $1,332,194 12.14% $161,728 362 Deport $86,515 6.90% $5,970 $89,110 3.10% $2,762 370 Devine $1,582,852 12.34% $195,324 $1,630,338 12.64% $206,075 371 Diboll $1,877,322 12.98% $243,676 $1,926,132 13.98% $269,273 372 Dickens $62,968 0.74% $466 $64,857 1.53% $992 373 Dickinson $4,434,366 8.45% $374,704 $4,567,397 8.95% $408,782 374 Dilley $1,425,496 7.00% $99,785 $1,468,261 7.99% $117,314 376 Dimmitt $960,941 4.65% $44,684 $989,769 4.89% $48,400 382 Donna $4,157,595 6.91% $287,290 $4,282,323 7.74% $331,452 379 Double Oak $685,981 4.63% $31,761 $706,560 5.64% $39,850 383 Dripping Springs $524,003 1.86% $9,746 $539,723 2.42% $13,061 385 Driscoll $42,702 1.97% $841 $43,983 3.48% $1,531 384 Dublin $1,296,097 13.90% $180,157 $1,334,980 12.80% $170,877 386 Dumas $5,630,384 6.22% $350,210 $5,799,296 6.11% $354,337 388 Duncanville $15,789,943 3.41% $538,437 $16,263,641 4.26% $692,831 394 Eagle Lake $1,183,303 8.07% $95,493 $1,216,435 8.97% $109,114 396 Eagle Pass $14,860,911 9.08% $1,349,371 $15,306,738 8.92% $1,365,361 397 Early $973,265 2.34% $22,774 $1,002,463 3.29% $32,981 399 Earth $154,712 4.03% $6,235 $159,353 5.06% $8,063 393 East Bernard $112,923 9.68% $10,931 $116,311 6.54% $7,607 401 East Mountain $232,396 12.29% $28,561 $239,368 13.80% $33,033 395 East Tawakoni $292,453 5.40% $15,792 $301,227 5.90% $17,772 398 Eastland $1,527,199 8.79% $134,241 $1,573,015 9.22% $145,032 402 Ector $128,724 1.65% $2,124 $132,586 2.15% $2,851 406 Eden $391,908 5.22% $20,458 $399,746 3.45% $13,791 408 Edgewood $223,817 3.52% $7,878 $228,293 4.02% $9,177 410 Edinburg $31,126,171 14.56% $4,531,970 $32,059,956 14.85% $4,760,903 412 Edna $2,043,634 11.26% $230,113 $2,104,943 11.94% $251,330 414 EI Campo $5,456,680 11.29% $616,059 $5,620,380 11.21% $630,045 416 Eldorado $682,220 6.57% $44,822 $702,687 7.16% $50,312 418 Electra $1,162,793 1.87% $21,744 $1,190,700 2.00% $23,814 420 1 Elgin $3,328,684 13.74% $457,361 $3,428,545 14.24% $488,225 *Reflects phase-in, when applicable. Page 5 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 422 Elkhart $256,942 5.96% $15,314 $264,650 5.85% $15,482 427 Elmendorf $412,550 0.87% $3,589 $424,927 1.49% $6,331 432 Emory $906,440 4.53% $41,062 $933,633 4.76% $44,441 436 Ennis $9,519,811 17.93% $1,706,902 $9,805,405 17.36% $1,702,218 439 Euless $26,889,824 17.49% $4,703,030 $27,696,519 17.76% $4,918,902 440 Eustace $294,072 6.43% $18,909 $302,894 7.39% $22,384 441 Everman $2,017,094 8.45% $170,444 $2,077,607 8.31% $172,649 443 Fair Oaks Ranch $2,330,343 11.24% $261,931 $2,400,253 11.46% $275,069 442 Fairfield $1,737,231 2.81% $48,816 $1,789,348 3.31% $59,227 445 Fairview $3,896,515 9.57% $372,896 $4,013,410 10.57% $424,217 20444 Falfurrias $1,721,508 3.06% $52,678 $1,773,153 3.31% $58,691 446 Falls City $126,170 8.67% $10,939 $129,955 9.78% $12,710 448 Farmers Branch $27,663,548 17.62% $4,874,317 $28,410,464 18.12% $5,147,976 450 Farmersville $1,822,289 8.42% $153,437 $1,876,958 8.77% $164,609 451 Farwell $235,282 13.17% $30,987 $242,340 14.51% $35,164 452 Fate $2,175,486 7.81% $169,905 $2,240,751 9.37% $209,958 454 Fayetteville $49,985 0.04% $20 $51,485 0.71% $366 456 Ferris $1,793,827 6.49% $116,419 $1,847,642 6.31% $116,586 458 Flatonia $829,461 17.72% $146,980 $854,345 17.93% $153,184 460 Florence $298,120 3.23% $9,629 $307,064 3.83% $11,761 20462 Floresville $2,489,990 9.98% $248,501 $2,554,730 10.48% $267,736 463 Flower Mound $33,166,310 9.18% $3,044,667 $34,161,299 9.93% $3,392,217 464 Floydada $1,060,262 13.05% $138,364 $1,085,708 13.11% $142,336 468 Forest Hill $4,972,470 13.40% $666,311 $5,121,644 13.33% $682,715 470 Forney $7,467,973 13.20% $985,772 $7,692,012 13.57% $1,043,806 472 Fort Stockton $5,084,552 10.25% $521,167 $5,237,089 10.22% $535,230 476 Franklin $508,749 2.79% $14,194 $524,011 3.37% $17,659 478 Frankston $487,424 1.88% $9,164 $502,047 2.35% $11,798 480 Fredericksburg $9,261,146 9.25% $856,656 $9,538,980 9.52% $908,111 482 Freeport $5,465,701 13.21% $722,019 $5,629,672 14.24% $801,665 481 Freer $753,526 6.04% $45,513 $776,132 6.49% $50,371 483 Friendswood $13,070,688 15.44% $2,018,114 $13,462,809 15.47% $2,082,697 484 Friona $928,379 11.34% $105,278 $949,732 11.87% $112,733 486 Frisco $69,314,876 14.00% $9,704,083 $71,394,322 14.16% $10,109,436 487 Fritch $787,536 1.72% $13,546 $811,162 3.06% $24,822 488 Frost $147,656 3.18% $4,695 $152,086 3.69% $5,612 491 Fulshear $1,682,168 4.93% $82,931 $1,732,633 5.43% $94,082 493 Fulton $257,769 17.48% $45,058 $265,502 18.06% $47,950 492 Gainesville $10,864,169 9.31% $1,011,454 $11,124,909 9.59% $1,066,879 494 Galena Park $2,978,715 13.90% $414,041 $3,038,289 14.40% $437,514 498 Ganado $468,261 11.88% $55,629 $479,968 12.74% $61,148 499 Garden Ridge $1,424,113 6.85% $97,552 $1,466,836 8.02% $117,640 500 Garland $140,061,625 10.30% $14,426,347 $144,263,474 10.80% $15,580,455 502 Garrison $241,137 15.03% $36,243 $245,960 13.55% $33,328 503 1 Gary $206,989 7.28% $15,069 $211,129 6.94% $14,652 *Reflects phase-in, when applicable. Page 6 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 504 Gatesville $3,605,247 15.90% $573,234 $3,713,404 15.38% $571,122 505 George West $1,611,220 5.02% $80,883 $1,659,557 5.54% $91,939 506 Georgetown $37,501,643 11.47% $4,301,438 $38,626,692 11.97% $4,623,615 510 Giddings $2,810,184 18.46% $518,760 $2,894,490 18.96% $548,795 512 Gilmer $2,041,653 12.93% $263,986 $2,102,903 13.58% $285,574 514 Gladewater $2,815,330 3.21% $90,372 $2,899,790 3.54% $102,653 516 Glen Rose $953,307 14.92% $142,233 $981,906 14.49% $142,278 517 Glenn Heights $3,309,388 3.20% $105,900 $3,408,670 3.58% $122,030 518 Godley $423,344 2.31% $9,779 $436,044 2.74% $11,948 519 Goldsmith $147,695 2.73% $4,032 $152,126 3.23% $4,914 520 Goldthwaite $610,902 25.83% $157,796 $629,229 25.32% $159,321 522 Goliad $419,414 1.06% $4,446 $429,480 1.56% $6,700 524 Gonzales $4,825,752 10.39% $501,396 $4,970,525 10.33% $513,455 532 Graford $114,668 2.65% $3,039 $118,108 2.92% $3,449 10534 Graham $3,556,580 11.91% $423,589 $3,631,268 11.67% $423,769 536 Granbury $8,229,377 15.20% $1,250,865 $8,476,258 15.80% $1,339,249 540 Grand Prairie $82,113,479 15.66% $12,858,971 $84,576,883 16.16% $13,667,624 542 Grand Saline $851,030 5.57% $47,402 $868,051 5.44% $47,222 544 Grandview $741,232 4.65% $34,467 $763,469 5.58% $42,602 546 Granger $328,586 0.00% $0 $335,158 0.83% $2,782 547 Granite Shoals $1,675,779 4.26% $71,388 $1,726,052 4.95% $85,440 548 Grapeland $416,047 4.12% $17,141 $428,528 4.45% $19,069 550 Grapevine $40,516,634 19.06% $7,722,470 $41,732,133 19.06% $7,954,145 552 Greenville $17,931,076 10.30% $1,846,901 $18,469,008 10.95% $2,022,356 551 Gregory $382,899 3.73% $14,282 $394,386 4.10% $16,170 553 Grey Forest $2,485,140 15.18% $377,244 $2,559,694 15.77% $403,664 556 Groesbeck $1,408,272 2.33% $32,813 $1,450,520 2.47% $35,828 558 Groom $166,857 2.26% $3,771 $171,863 2.84% $4,881 559 Groves $6,084,580 8.88% $540,311 $6,267,117 9.40% $589,109 560 Groveton $242,178 1.48% $3,584 $249,443 2.05% $5,114 562 Gruver $241,394 6.38% $15,401 $246,222 7.36% $18,122 563 Gun Barrel City $1,767,101 5.52% $97,544 $1,820,114 6.02% $109,571 564 Gunter $334,255 3.25% $10,863 $344,283 3.66% $12,601 568 Hale Center $370,161 1.74% $6,441 $381,266 1.87% $7,130 570 Hallettsville $1,411,212 12.05% $170,051 $1,453,548 12.69% $184,455 572 Hallsville $647,367 2.94% $19,033 $666,788 3.11% $20,737 574 Haltom City $16,503,242 18.72% $3,089,407 $16,998,339 18.76% $3,188,888 576 Hamilton $851,463 20.74% $176,593 $877,007 18.71% $164,088 578 Hamlin $504,796 10.89% $54,972 $514,892 11.39% $58,646 580 Happy $78,197 12.28% $9,603 $80,308 15.26% $12,255 581 Harker Heights $11,161,527 14.63% $1,632,931 $11,496,373 14.89% $1,711,810 10582 Harlingen $10,849,355 7.01% $760,540 $10,849,355 10.60% $1,150,032 20582 Harlingen Waterworks Sys $5,952,217 0.59% $35,118 $6,130,784 1.23% $75,409 583 Hart $133,823 2.68% $3,586 $136,499 3.35% $4,573 586 Haskell $544,995 0.00% $0 $561,345 0.00% $0 *Reflects phase-in, when applicable. Page 7 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 587 Haslet $1,027,161 8.17% $83,919 $1,057,976 8.67% $91,727 588 Hawkins $423,460 13.33% $56,447 $433,623 13.83% $59,970 585 Hays $19,075 5.82% $1,110 $19,457 6.33% $1,232 590 Hearne $2,142,523 15.00% $321,378 $2,206,799 15.57% $343,599 591 Heath $3,288,192 10.37% $340,986 $3,386,838 11.23% $380,342 592 Hedley $45,564 2.85% $1,299 $46,475 3.50% $1,627 595 Hedwig Village $1,838,354 6.12% $112,507 $1,887,990 6.64% $125,363 593 Helotes $3,157,996 6.09% $192,322 $3,252,736 6.59% $214,355 594 Hemphill $1,116,154 6.58% $73,443 $1,149,639 7.44% $85,533 596 Hempstead $2,967,258 8.64% $256,371 $3,056,276 7.93% $242,363 598 Henderson $5,887,895 15.34% $903,203 $6,064,532 15.79% $957,590 600 Henrietta $666,181 14.10% $93,932 $686,166 14.64% $100,455 602 Hereford $4,692,574 10.43% $489,435 $4,833,351 10.84% $523,935 605 Hewitt $4,088,481 15.27% $624,311 $4,211,135 15.70% $661,148 609 Hickory Creek $1,072,487 10.81% $115,936 $1,098,227 11.31% $124,209 606 Hico $383,849 4.55% $17,465 $392,678 5.05% $19,830 607 Hidalgo $5,354,515 12.64% $676,811 $5,515,150 12.57% $693,254 608 Higgins $109,866 3.64% $3,999 $113,162 3.86% $4,368 610 Highland Park $11,587,901 3.14% $363,860 $11,935,538 4.20% $501,293 611 Highland Village $9,502,034 13.20% $1,254,268 $9,787,095 13.64% $1,334,960 613 Hill Country Village $746,566 3.14% $23,442 $767,470 3.64% $27,936 612 Hillsboro $4,529,901 10.75% $486,964 $4,665,798 11.34% $529,101 619 Hilshire Village $78,961 12.72% $10,044 $81,330 13.31% $10,825 614 Hitchcock $1,834,828 3.82% $70,090 $1,889,873 4.26% $80,509 615 Holland $225,986 7.56% $17,085 $232,314 8.14% $18,910 616 Holliday $397,200 1.93% $7,666 $409,116 2.43% $9,942 617 Hollywood Park $1,692,830 8.95% $151,508 $1,743,615 9.13% $159,192 618 Hondo $4,073,866 9.00% $366,648 $4,196,082 8.78% $368,416 620 Honey Grove $412,362 7.29% $30,061 $424,733 7.73% $32,832 622 Hooks $523,554 10.64% $55,706 $539,261 12.82% $69,133 626 Howe $606,414 4.50% $27,289 $618,542 5.03% $31,113 627 Hubbard $419,378 0.40% $1,678 $430,282 0.81% $3,485 628 Hudson $657,781 3.49% $22,957 $677,514 4.25% $28,794 629 Hudson Oaks $1,288,119 12.47% $160,628 $1,326,763 13.30% $176,459 630 Hughes Springs $610,744 15.36% $93,810 $624,791 15.90% $99,342 632 Humble $12,887,904 13.40% $1,726,979 $13,274,541 13.63% $1,809,320 633 Hunters Creek Village $379,869 12.15% $46,154 $391,265 14.24% $55,716 634 Huntington $683,656 13.77% $94,139 $702,798 14.59% $102,538 636 Huntsville $12,809,513 17.07% $2,186,584 $13,168,179 17.70% $2,330,768 637 Hurst $25,757,839 9.63% $2,480,480 $26,530,574 10.13% $2,687,547 638 Hutchins $2,495,028 7.83% $195,361 $2,569,879 8.15% $209,445 640 Hutto $5,538,610 11.85% $656,325 $5,704,768 12.42% $708,532 641 Huxley $329,592 0.00% $0 $336,843 1.10% $3,705 642 Idalou $577,087 4.06% $23,430 $594,400 4.56% $27,105 643 1 Ingleside $3,103,471 10.35% $321,209 $3,196,575 10.59% $338,517 *Reflects phase-in, when applicable. Page 8 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 646 Ingram $515,503 5.39% $27,786 $530,968 5.89% $31,274 647 Iowa Colony $209,436 33.93% $71,062 $215,719 28.22% $60,876 644 Iowa Park $1,790,360 13.63% $244,026 $1,844,071 14.26% $262,965 645 Iraan $246,533 14.43% $35,575 $253,929 15.12% $38,394 648 Irving $98,741,200 13.33% $13,162,202 $101,407,212 13.83% $14,024,617 650 Italy $614,897 2.25% $13,835 $633,344 2.68% $16,974 652 Itasca $689,373 10.22% $70,454 $710,054 11.02% $78,248 654 Jacinto City $2,516,934 8.76% $220,483 $2,592,442 8.84% $229,172 656 Jacksboro $1,706,005 13.42% $228,946 $1,757,185 13.91% $244,424 658 Jacksonville $5,803,659 10.79% $626,215 $5,966,161 11.23% $670,000 660 Jasper $5,265,750 8.94% $470,758 $5,423,723 9.44% $511,999 664 Jefferson $646,981 3.31% $21,415 $659,921 3.81% $25,143 665 Jersey Village $5,015,688 14.88% $746,334 $5,166,159 15.35% $793,005 666 Jewett $299,645 8.33% $24,960 $308,634 8.62% $26,604 668 Joaquin $225,034 3.95% $8,889 $231,785 4.60% $10,662 670 Johnson City $682,813 9.40% $64,184 $701,249 9.84% $69,003 673 Jones Creek $260,028 5.74% $14,926 $267,829 6.34% $16,980 675 Jonestown $1,208,627 5.14% $62,123 $1,244,886 5.50% $68,469 677 Josephine $231,154 6.16% $14,239 $238,089 6.97% $16,595 671 Joshua $1,702,931 5.06% $86,168 $1,754,019 5.56% $97,523 672 Jourdanton $1,323,554 6.16% $81,531 $1,363,261 6.34% $86,431 674 Junction $649,575 14.42% $93,669 $669,062 14.53% $97,215 676 Justin $1,357,754 2.29% $31,093 $1,398,487 2.87% $40,137 678 Karnes City $1,315,267 5.00% $65,763 $1,354,725 5.17% $70,039 680 Katy $10,490,721 14.45% $1,515,909 $10,805,443 14.54% $1,571,111 682 Kaufman $2,998,456 10.15% $304,343 $3,088,410 10.65% $328,916 683 Keene $2,758,753 14.26% $393,398 $2,841,516 14.76% $419,408 681 Keller $18,650,246 14.93% $2,784,482 $19,209,753 15.51% $2,979,433 685 Kemah $1,945,293 5.23% $101,739 $1,990,035 5.98% $119,004 684 Kemp $329,464 0.26% $857 $336,053 3.18% $10,686 686 Kenedy $1,797,323 4.28% $76,925 $1,851,243 4.89% $90,526 688 Kennedale $3,692,667 13.33% $492,233 $3,784,984 13.91% $526,491 690 Kerens $391,013 7.57% $29,600 $402,743 7.83% $31,535 692 Kermit $2,210,887 15.36% $339,592 $2,277,214 15.12% $344,315 10694 Kerrville $15,635,624 8.42% $1,316,520 $16,104,693 9.26% $1,491,295 20694 Kerrville PUB $4,365,039 11.80% $515,075 $4,495,990 12.30% $553,007 10696 Kilgore $7,529,530 14.63% $1,101,570 $7,755,416 15.06% $1,167,966 698 Killeen $49,470,057 8.26% $4,086,227 $50,954,159 8.76% $4,463,584 700 Kingsville $11,706,271 9.37% $1,096,878 $12,057,459 9.19% $1,108,080 701 Kirby $1,933,781 13.11% $253,519 $1,991,794 14.12% $281,241 702 Kirbyville $790,988 5.35% $42,318 $807,599 5.57% $44,983 704 Knox City $303,230 1.06% $3,214 $312,327 1.93% $6,028 708 Kountze $856,739 0.94% $8,053 $882,441 1.38% $12,178 709 Kress $50,436 10.54% $5,316 $51,445 8.57% $4,409 699 Krugerville $624,732 6.39% $39,920 $643,474 7.78% $50,062 *Reflects phase-in, when applicable. Page 9 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 707 Krum $1,249,791 3.51% $43,868 $1,287,285 4.26% $54,838 710 Kyle $8,575,520 11.40% $977,609 $8,832,786 12.40% $1,095,265 725 La Coste $261,314 0.92% $2,404 $269,153 1.47% $3,957 714 La Feria $2,180,116 9.77% $212,997 $2,245,519 9.76% $219,163 716 La Grange $2,831,034 15.44% $437,112 $2,915,965 15.94% $464,805 723 La Grulla $688,658 3.30% $22,726 $706,563 5.18% $36,600 732 La Joya $1,142,191 5.48% $62,592 $1,176,457 6.17% $72,587 721 La Marque $5,135,754 14.52% $745,711 $5,269,284 15.46% $814,631 728 La Porte $22,169,332 15.64% $3,467,284 $22,834,412 15.97% $3,646,656 731 La Vernia $622,358 2.44% $15,186 $641,029 2.68% $17,180 711 Lacy -Lakeview $1,983,150 13.56% $268,915 $2,042,645 14.47% $295,571 712 Ladonia $45,726 0.11% $50 $47,098 2.07% $975 713 Lago Vista $3,628,690 6.48% $235,139 $3,737,551 7.18% $268,356 705 Laguna Vista $620,417 2.50% $15,510 $639,030 3.25% $20,768 717 Lake Dallas $1,818,139 12.56% $228,358 $1,872,683 13.11% $245,509 718 Lake Jackson $10,216,267 11.73% $1,198,368 $10,522,755 11.84% $1,245,894 719 Lake Worth $4,790,262 12.52% $599,741 $4,933,970 13.41% $661,645 727 Lakeport $160,003 0.00% $0 $164,803 0.00% $0 715 Lakeside $564,527 6.31% $35,622 $581,463 7.24% $42,098 729 Lakeside City $147,528 1.22% $1,800 $151,954 1.76% $2,674 720 Lakeway $5,807,760 12.63% $733,520 $5,981,993 13.45% $804,578 722 Lamesa $3,147,801 3.60% $113,321 $3,223,348 4.10% $132,157 724 Lampasas $4,885,704 14.16% $691,816 $5,032,275 14.83% $746,286 726 Lancaster $15,013,649 13.30% $1,996,815 $15,464,058 13.80% $2,134,040 730 Laredo $103,470,427 21.29% $22,028,854 $106,574,540 21.16% $22,551,173 733 Lavon $735,856 4.22% $31,053 $757,932 5.21% $39,488 736 League City $30,154,221 14.86% $4,480,917 $31,058,848 15.39% $4,779,957 737 Leander $12,476,513 11.61% $1,448,523 $12,850,808 12.59% $1,617,917 735 Lefors $129,551 3.85% $4,988 $133,438 3.54% $4,724 739 Leon Valley $5,194,217 13.98% $726,152 $5,350,044 12.92% $691,226 738 Leonard $574,785 0.61% $3,506 $592,029 0.97% $5,743 740 Levelland $4,972,930 11.94% $593,768 $5,122,118 12.23% $626,435 742 Lewisville $48,174,062 16.27% $7,837,920 $49,619,284 16.55% $8,211,992 744 Lexington $495,813 8.77% $43,483 $510,687 8.65% $44,174 746 Liberty $4,332,140 17.74% $768,522 $4,436,111 18.24% $809,147 745 Liberty Hill $710,166 7.25% $51,487 $731,471 7.55% $55,226 748 Lindale $2,240,807 14.34% $321,332 $2,308,031 14.31% $330,279 750 Linden $447,042 1.34% $5,990 $460,453 1.35% $6,216 755 Lipan $158,339 1.69% $2,676 $163,089 2.32% $3,784 751 Little Elm $12,116,586 12.15% $1,472,165 $12,480,084 13.22% $1,649,867 752 Littlefield $2,233,677 9.10% $203,265 $2,291,753 9.49% $217,487 753 Live Oak $6,320,837 17.62% $1,113,731 $6,510,462 17.40% $1,132,820 757 Liverpool $153,975 1.92% $2,956 $158,594 2.60% $4,123 754 Livingston $3,856,798 16.05% $619,016 $3,972,502 16.43% $652,682 756 1 Llano $1,837,645 14.01% $257,454 $1,879,911 14.51% $272,775 *Reflects phase-in, when applicable. Page 10 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 758 Lockhart $5,944,465 11.86% $705,014 $6,087,132 12.73% $774,892 760 Lockney $157,680 0.00% $0 $160,834 0.00% $0 765 Lone Star $416,320 2.83% $11,782 $424,646 2.54% $10,786 766 Longview $32,004,564 9.86% $3,155,650 $32,964,701 10.36% $3,415,143 768 Loraine $96,701 2.05% $1,982 $99,602 2.55% $2,540 769 Lorena $589,487 6.29% $37,079 $607,172 7.11% $43,170 770 Lorenzo $237,883 2.18% $5,186 $245,019 3.03% $7,424 771 Los Fresnos $1,882,228 0.83% $15,622 $1,938,695 1.35% $26,172 773 Lott $308,461 0.87% $2,684 $317,715 1.61% $5,115 774 Lovelady $108,313 6.09% $6,596 $111,562 6.11% $6,816 778 Lubbock $95,361,531 17.96% $17,126,931 $98,222,377 17.95% $17,630,917 779 Lucas $1,577,474 13.15% $207,438 $1,624,798 13.75% $223,410 782 Lufkin $15,958,000 15.72% $2,508,598 $16,436,740 16.22% $2,666,039 784 Luling $3,159,091 8.51% $268,839 $3,253,864 9.26% $301,308 785 Lumberton $2,086,358 16.69% $348,213 $2,148,949 16.77% $360,379 786 Lyford $386,204 4.36% $16,838 $397,790 4.93% $19,611 787 Lytle $1,000,054 9.01% $90,105 $1,030,056 9.48% $97,649 790 Madisonville $1,442,684 9.03% $130,274 $1,485,965 9.53% $141,612 791 Magnolia $1,313,092 1.16% $15,232 $1,352,485 1.87% $25,291 792 Malakoff $1,152,136 5.10% $58,759 $1,186,700 6.10% $72,389 796 Manor $2,491,609 3.36% $83,718 $2,566,357 4.08% $104,707 798 Mansfield $32,236,320 14.14% $4,558,216 $33,203,410 14.62% $4,854,339 799 Manvel $1,664,156 5.65% $94,025 $1,714,081 6.38% $109,358 800 Marble Falls $5,944,902 4.35% $258,603 $6,123,249 4.90% $300,039 802 Marfa $1,084,282 0.91% $9,867 $1,116,810 1.74% $19,432 804 Marion $459,285 5.04% $23,148 $473,064 5.76% $27,248 806 Marlin $1,587,333 8.52% $135,241 $1,619,080 9.46% $153,165 810 Marshall $8,226,345 16.19% $1,331,845 $8,432,004 16.69% $1,407,301 812 Mart $428,908 1.00% $4,289 $441,775 1.48% $6,538 813 Martindale $145,437 8.85% $12,871 $149,800 9.96% $14,920 814 Mason $1,204,700 6.04% $72,764 $1,240,841 6.41% $79,538 816 Matador $129,912 6.12% $7,951 $133,809 6.69% $8,952 818 Mathis $1,697,394 2.40% $40,737 $1,748,316 3.62% $63,289 820 Maud $201,185 3.28% $6,599 $207,221 3.72% $7,709 822 Maypearl $196,742 1.64% $3,227 $202,644 1.88% $3,810 824 McAllen $68,147,394 6.66% $4,538,616 $70,191,816 7.16% $5,025,734 826 McCamey $502,418 1.61% $8,089 $517,491 2.63% $13,610 828 McGregor $2,385,189 10.55% $251,637 $2,456,745 10.83% $266,065 830 McKinney $62,127,195 15.18% $9,430,908 $63,991,011 15.30% $9,790,625 832 McLean $225,426 1.58% $3,562 $232,189 1.95% $4,528 833 McLendon -Chisholm $124,807 8.41% $10,496 $128,551 9.65% $12,405 831 Meadowlakes $585,800 1.30% $7,615 $603,374 2.20% $13,274 835 Meadows Place $1,405,621 6.00% $84,337 $1,439,356 7.24% $104,209 837 Melissa $2,103,327 6.19% $130,196 $2,166,427 7.19% $155,766 1501 Memorial Villages PD $3,176,090 9.30% $295,376 $3,271,373 10.28% $336,297 *Reflects phase-in, when applicable. Page 11 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 840 Memphis $554,989 4.93% $27,361 $567,754 4.29% $24,357 842 Menard $229,663 0.00% $0 $235,175 0.00% $0 844 Mercedes $4,442,078 19.09% $847,993 $4,575,340 19.10% $873,890 846 Meridian $366,275 2.26% $8,278 $377,263 2.76% $10,412 848 Merkel $522,249 13.33% $69,616 $537,916 13.23% $71,166 852 Mertzon $194,798 8.48% $16,519 $200,642 11.38% $22,833 854 Mesquite $70,869,381 10.29% $7,292,459 $72,995,462 10.87% $7,934,607 856 Mexia $4,019,205 11.80% $474,266 $4,139,781 12.30% $509,193 860 Midland $45,469,410 15.02% $6,829,505 $46,833,492 14.86% $6,959,457 862 Midlothian $11,497,831 14.05% $1,615,445 $11,842,766 14.59% $1,727,860 863 Milano $64,200 4.09% $2,626 $66,126 5.52% $3,650 864 Miles $128,916 0.00% $0 $132,783 0.00% $0 865 Milford $247,275 8.28% $20,474 $252,221 8.84% $22,296 868 Mineola $2,167,261 3.53% $76,504 $2,232,279 4.18% $93,309 870 Mineral Wells $7,436,122 8.85% $658,097 $7,659,206 8.93% $683,967 874 Mission $27,687,698 7.86% $2,176,253 $28,518,329 8.36% $2,384,132 875 Missouri City $20,829,049 5.79% $1,206,002 $21,453,920 6.29% $1,349,452 876 Monahans $3,405,609 8.93% $304,121 $3,507,777 8.12% $284,831 887 Mont Belvieu $4,503,007 15.93% $717,329 $4,638,097 16.27% $754,618 877 Montgomery $929,526 3.77% $35,043 $957,412 5.48% $52,466 878 Moody $500,418 2.69% $13,461 $515,431 3.01% $15,514 883 Morgan's Point $842,762 8.59% $72,393 $868,045 9.30% $80,728 882 Morgan's Point Resort $990,902 10.19% $100,973 $1,013,693 11.21% $113,635 884 Morton $374,779 4.54% $17,015 $385,273 4.95% $19,071 886 Moulton $476,425 6.68% $31,825 $490,718 7.07% $34,694 890 Mount Enterprise $108,990 1.91% $2,082 $112,042 2.41% $2,700 892 Mt. Pleasant $6,873,715 15.35% $1,055,115 $7,079,926 15.48% $1,095,973 894 Mt. Vernon $807,993 10.19% $82,334 $830,617 11.05% $91,783 896 Muenster $509,356 0.49% $2,496 $524,637 0.99% $5,194 898 Muleshoe $1,330,600 15.89% $211,432 $1,370,518 15.59% $213,664 901 Munday $264,518 3.33% $8,808 $272,454 3.83% $10,435 903 Murphy $6,921,842 11.87% $821,623 $7,129,497 13.02% $928,261 10904 Nacogdoches $15,785,047 13.93% $2,198,857 $16,258,598 14.43% $2,346,116 906 Naples $356,675 1.93% $6,884 $367,375 2.52% $9,258 907 Nash $862,195 4.30% $37,074 $886,336 5.67% $50,255 905 Nassau Bay $2,720,416 14.67% $399,085 $2,802,028 15.60% $437,116 909 Natalia $412,902 2.32% $9,579 $425,289 2.97% $12,631 908 Navasota $3,877,751 7.49% $290,444 $3,994,084 8.06% $321,923 910 Nederland $7,573,786 5.42% $410,499 $7,801,000 5.96% $464,940 912 Needville $756,306 3.26% $24,656 $775,970 3.76% $29,176 914 New Boston $1,146,029 2.34% $26,817 $1,180,410 2.15% $25,379 10916 New Braunfels $32,549,345 17.23% $5,608,252 $33,525,825 16.94% $5,679,275 20916 New Braunfels Utilities $13,702,414 12.45% $1,705,951 $14,113,486 12.44% $1,755,718 915 New Deal $201,956 0.00% $0 $206,197 0.18% $371 923 New Fairview $57,205 4.66% $2,666 $58,921 7.44% $4,384 *Reflects phase-in, when applicable. Page 12 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 918 New London $406,522 5.25% $21,342 $418,718 5.58% $23,364 919 New Summerfield $369,410 7.52% $27,780 $380,492 9.08% $34,549 917 New Waverly $215,976 5.30% $11,447 $222,455 4.85% $10,789 913 Newark $190,080 3.33% $6,330 $195,782 3.16% $6,187 920 Newton $970,053 20.58% $199,637 $999,155 21.23% $212,121 922 Nixon $765,150 1.00% $7,652 $788,105 1.25% $9,851 924 Nocona $885,112 9.26% $81,961 $911,665 9.33% $85,058 925 Nolanville $464,002 1.89% $8,770 $477,922 2.18% $10,419 928 Normangee $256,659 3.45% $8,855 $264,359 3.46% $9,147 931 North Richland Hills $34,723,330 16.26% $5,646,013 $35,765,030 16.33% $5,840,429 930 Northlake $1,446,028 7.98% $115,393 $1,489,409 8.98% $133,749 935 O'Donnell $83,630 6.83% $5,712 $85,303 7.33% $6,253 936 Oak Point $1,115,139 6.70% $74,714 $1,148,593 7.20% $82,699 937 Oak Ridge North $2,708,502 11.71% $317,166 $2,789,757 12.16% $339,234 942 Odem $506,104 6.84% $34,618 $521,287 7.74% $40,348 944 Odessa $38,770,057 13.39% $5,191,311 $39,933,159 13.89% $5,546,716 945 Oglesby $23,112 0.01% $2 $23,644 0.05% $12 949 Old River-Winfree $31,757 0.00% $0 $32,710 0.00% $0 950 Olmos Park $1,680,991 1.21% $20,340 $1,731,421 1.75% $30,300 951 Olney $770,869 5.87% $45,250 $786,286 7.34% $57,713 953 Omaha $198,272 4.77% $9,458 $204,220 5.16% $10,538 954 Onalaska $448,419 1.61% $7,220 $461,872 2.56% $11,824 958 Orange $8,672,893 17.87% $1,549,846 $8,933,080 17.26% $1,541,850 960 Orange Grove $385,150 1.95% $7,510 $396,705 2.06% $8,172 959 Ore City $367,521 0.76% $2,793 $378,547 1.35% $5,110 962 Overton $613,897 0.92% $5,648 $632,314 1.96% $12,393 961 Ovilla $994,295 7.23% $71,888 $1,024,124 8.23% $84,285 963 Oyster Creek $787,974 9.35% $73,676 $811,613 9.99% $81,080 964 Paducah $306,816 2.48% $7,609 $314,793 0.37% $1,165 966 Palacios $1,479,624 16.82% $248,873 $1,521,053 17.61% $267,857 968 Palestine $7,877,762 13.93% $1,097,372 $8,114,095 14.18% $1,150,579 970 Palmer $980,006 6.78% $66,444 $1,009,406 6.94% $70,053 969 Palmhurst $874,950 5.29% $46,285 $901,199 5.61% $50,557 971 Palmview $2,046,658 2.02% $41,342 $2,108,058 2.32% $48,907 972 Pampa $7,346,507 21.27% $1,562,602 $7,566,902 21.55% $1,630,667 974 Panhandle $814,803 13.63% $111,058 $839,247 13.05% $109,522 973 Panorama Village $574,721 5.66% $32,529 $591,963 6.16% $36,465 975 Pantego $2,220,179 16.36% $363,221 $2,273,463 17.83% $405,358 976 Paris $11,810,674 5.73% $676,752 $12,164,994 6.23% $757,879 977 Parker $1,223,925 11.20% $137,080 $1,260,643 11.70% $147,495 978 Pasadena $58,012,648 12.70% $7,367,606 $59,578,989 13.20% $7,864,427 983 Pearland $35,972,887 13.37% $4,809,575 $37,052,074 13.61% $5,042,787 984 Pearsall $2,556,229 3.29% $84,100 $2,632,916 3.27% $86,096 988 Pecos City $5,558,062 5.18% $287,908 $5,724,804 5.82% $333,184 994 Perryton $3,757,158 14.11% $530,135 $3,869,873 14.61% $565,388 *Reflects phase-in, when applicable. Page 13 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 1000 Pflugerville $17,119,561 13.64% $2,335,108 $17,633,148 13.53% $2,385,765 1002 Pharr $24,723,154 6.52% $1,611,950 $25,464,849 7.16% $1,823,283 1004 Pilot Point $1,817,103 8.96% $162,812 $1,871,616 8.99% $168,258 1005 Pinehurst $1,036,303 16.14% $167,259 $1,059,102 18.71% $198,158 1003 Pineland $429,437 10.26% $44,060 $442,320 10.22% $45,205 1001 Piney Point Village $404,180 6.69% $27,040 $416,305 7.57% $31,514 1006 Pittsburg $1,446,055 15.35% $221,969 $1,477,868 15.85% $234,242 1007 Plains $331,237 5.74% $19,013 $341,174 6.56% $22,381 1008 Plainview $6,268,589 13.78% $863,812 $6,419,035 14.19% $910,861 1010 Plano $146,520,796 17.44% $25,553,227 $150,916,420 17.32% $26,138,724 1012 Pleasanton $4,392,782 16.28% $715,145 $4,524,565 16.32% $738,409 1013 Point $293,746 13.18% $38,716 $300,796 12.99% $39,073 1017 Ponder $468,434 5.29% $24,780 $482,487 6.00% $28,949 1014 Port Aransas $5,108,098 12.22% $624,210 $5,261,341 11.77% $619,260 11016 Port Arthur $32,172,154 13.61% $4,378,630 $33,137,319 13.63% $4,516,617 1018 Port Isabel $2,455,081 3.65% $89,610 $2,528,733 3.89% $98,368 1020 Port Lavaca $4,004,003 5.68% $227,427 $4,124,123 6.02% $248,272 1022 Port Neches $6,376,915 11.60% $739,722 $6,555,469 12.09% $792,556 1019 Portland $6,080,426 14.30% $869,501 $6,262,839 14.50% $908,112 1024 Post $591,498 10.08% $59,623 $607,468 10.58% $64,270 1026 Poteet $761,080 0.72% $5,480 $783,912 1.47% $11,524 1028 Poth $405,595 3.49% $14,155 $417,763 4.04% $16,878 1030 Pottsboro $822,257 4.84% $39,797 $846,925 6.01% $50,900 1032 Premont $553,091 0.02% $111 $569,684 0.62% $3,532 1029 Presidio $1,427,497 0.44% $6,281 $1,470,322 0.93% $13,674 1033 Primera $571,022 0.33% $1,884 $588,153 0.78% $4,588 1034 Princeton $2,153,351 10.15% $218,565 $2,217,952 10.66% $236,434 1036 Prosper $8,119,499 12.37% $1,004,382 $8,363,084 13.46% $1,125,671 1037 Providence Village $374,870 7.37% $27,628 $386,116 7.17% $27,685 1042 Quanah $564,919 9.94% $56,153 $576,217 9.99% $57,564 1045 Queen City $503,418 1.45% $7,300 $518,521 1.95% $10,111 1044 Quinlan $612,164 10.14% $62,073 $630,529 10.13% $63,873 1047 Quintana $104,363 1.33% $1,388 $107,494 2.23% $2,397 1046 Quitaque $111,629 4.40% $4,912 $114,978 5.08% $5,841 1048 Quitman $984,263 8.10% $79,725 $1,013,791 8.60% $87,186 1050 Ralls $409,898 7.22% $29,595 $418,096 7.11% $29,727 1051 Rancho Viejo $536,294 6.23% $33,411 $552,383 6.73% $37,175 1052 Ranger $878,759 8.78% $77,155 $905,122 8.10% $73,315 1054 Rankin $219,016 1.07% $2,343 $225,586 1.20% $2,707 1055 Ransom Canyon $515,706 14.40% $74,262 $531,177 14.90% $79,145 1058 Raymondville $2,263,318 0.48% $10,864 $2,331,218 0.98% $22,846 1061 Red Oak $4,999,605 5.31% $265,479 $5,149,593 5.81% $299,191 1062 Redwater $257,806 3.39% $8,740 $265,540 4.09% $10,861 1064 Refugio $1,207,696 0.00% $0 $1,239,096 0.00% $0 1065 1 Reklaw $250,839 16.34% $40,987 $255,856 16.84% $43,086 *Reflects phase-in, when applicable. Page 14 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 1066 Reno (Lamar County) $464,386 3.18% $14,767 $477,389 3.68% $17,568 1069 Reno (Parker County) $510,399 2.52% $12,862 $525,711 3.22% $16,928 1067 Rhome $583,484 4.91% $28,649 $600,989 5.91% $35,518 1068 Rice $313,697 0.32% $1,004 $323,108 0.93% $3,005 1070 Richardson $69,001,539 13.32% $9,191,005 $71,071,585 13.82% $9,822,093 1073 Richland Hills $4,488,836 16.16% $725,396 $4,623,501 16.14% $746,233 1074 Richland Springs $10,175 0.00% $0 $10,480 0.00% $0 1076 Richmond $7,773,182 13.21% $1,026,837 $8,006,377 13.92% $1,114,488 1077 Richwood $1,050,116 11.00% $115,513 $1,081,619 11.24% $121,574 1072 Riesel $303,272 5.57% $16,892 $312,370 6.19% $19,336 1075 Rio Grande City $5,303,223 7.26% $385,014 $5,462,320 7.19% $392,741 1079 Rio Vista $356,907 4.97% $17,738 $367,614 4.07% $14,962 1080 Rising Star $233,013 0.00% $0 $240,003 0.19% $456 1082 River Oaks $2,255,693 15.50% $349,632 $2,323,364 14.71% $341,767 1084 Roanoke $9,026,507 15.66% $1,413,551 $9,297,302 16.53% $1,536,844 1088 Robert Lee $126,073 5.72% $7,211 $128,594 6.22% $7,999 1089 Robinson $3,268,837 13.17% $430,506 $3,366,902 14.04% $472,713 21090 Robstown $5,878,704 6.10% $358,601 $6,055,065 6.41% $388,130 11090 Robstown Utility Systems $2,376,445 16.53% $392,826 $2,447,738 16.87% $412,933 1092 Roby $115,167 1.59% $1,831 $117,586 3.39% $3,986 1096 Rockdale $1,833,302 9.65% $176,914 $1,888,301 9.90% $186,942 1098 Rockport $5,409,694 15.20% $822,273 $5,571,985 15.05% $838,584 1100 Rocksprings $238,834 0.00% $0 $245,999 1.82% $4,477 1102 Rockwall $18,052,127 16.22% $2,928,055 $18,593,691 16.17% $3,006,600 1104 Rogers $275,290 4.35% $11,975 $283,549 4.92% $13,951 1105 Rollingwood $799,737 7.84% $62,699 $823,729 8.96% $73,806 1106 Roma $3,775,711 10.51% $396,827 $3,888,982 10.89% $423,510 1109 Roscoe $329,425 1.23% $4,052 $336,014 1.73% $5,813 1112 Rosebud $377,794 1.34% $5,062 $388,372 1.83% $7,107 1114 Rosenberg $14,222,538 13.48% $1,917,198 $14,649,214 13.14% $1,924,907 1116 Rotan $227,069 0.00% $0 $231,610 0.00% $0 1118 Round Rock $53,205,380 15.40% $8,193,629 $54,801,541 15.55% $8,521,640 1119 Rowlett $22,809,428 12.42% $2,832,931 $23,493,711 12.92% $3,035,387 1120 Royse City $3,034,803 11.48% $348,395 $3,125,847 12.76% $398,858 1122 Rule $104,857 8.00% $8,389 $108,003 8.50% $9,180 1123 Runaway Bay $592,236 2.10% $12,437 $604,673 2.33% $14,089 1124 Runge $141,934 14.96% $21,233 $145,198 17.63% $25,598 1126 Rusk $1,717,124 5.45% $93,583 $1,768,638 6.66% $117,791 1128 Sabinal $472,460 2.68% $12,662 $486,634 3.13% $15,232 1129 Sachse $7,529,475 13.03% $981,091 $7,755,359 14.05% $1,089,628 1131 Saginaw $7,944,844 17.85% $1,418,155 $8,183,189 17.55% $1,436,150 1130 Saint Jo $264,530 4.30% $11,375 $272,466 5.19% $14,141 1133 Salado $575,904 6.23% $35,879 $593,181 7.10% $42,116 1132 San Angelo $32,888,525 17.09% $5,620,649 $33,809,404 17.59% $5,947,074 21136 San Antonio $335,520,181 10.47% $35,128,963 $345,585,786 10.97% $37,910,761 *Reflects phase-in, when applicable. Page 15 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 11136 San Antonio Water System $99,961,158 3.69% $3,688,567 $102,959,993 3.67% $3,778,632 1138 San Augustine $1,030,383 10.19% $104,996 $1,061,294 10.69% $113,452 1140 San Benito $5,972,044 4.90% $292,630 $6,151,205 5.40% $332,165 1144 San Felipe $194,066 3.57% $6,928 $199,888 4.00% $7,996 1148 San Juan $8,013,286 1.76% $141,034 $8,253,685 2.40% $198,088 1150 San Marcos $36,060,813 17.49% $6,307,036 $37,142,637 17.50% $6,499,961 1152 San Saba $1,848,980 8.05% $148,843 $1,904,449 8.54% $162,640 1146 Sanger $3,367,107 7.13% $240,075 $3,468,120 7.63% $264,618 1153 Sansom Park $1,369,436 4.35% $59,570 $1,410,519 5.34% $75,322 1155 Santa Fe $3,207,843 12.31% $394,885 $3,304,078 12.07% $398,802 1158 Savoy $86,531 0.83% $718 $88,262 0.00% $0 1159 Schertz $16,309,269 15.94% $2,599,697 $16,798,547 15.87% $2,665,929 1160 Schulenburg $1,578,074 21.32% $336,445 $1,620,682 22.44% $363,681 1161 Seabrook $5,772,759 13.72% $792,023 $5,945,942 14.58% $866,918 1162 Seadrift $411,155 3.94% $16,200 $423,490 4.44% $18,803 1164 Seagoville $4,455,316 9.53% $424,592 $4,588,975 10.03% $460,274 1166 Seagraves $714,962 10.09% $72,140 $736,411 9.76% $71,874 1167 Sealy $2,918,535 15.03% $438,656 $3,006,091 15.07% $453,018 1168 Seguin $17,902,888 15.35% $2,748,093 $18,439,975 15.85% $2,922,736 1169 Selma $5,104,862 14.71% $750,925 $5,258,008 14.66% $770,824 1170 Seminole $2,838,727 13.53% $384,080 $2,923,889 12.81% $374,550 1171 Seven Points $568,399 3.87% $21,997 $585,451 4.42% $25,877 1172 Seymour $1,059,740 7.36% $77,997 $1,083,054 7.98% $86,428 1165 Shady Shores $102,218 1.10% $1,124 $105,285 2.07% $2,179 1177 Shallowater $592,547 2.84% $16,828 $610,323 3.34% $20,385 1174 Shamrock $970,005 8.06% $78,182 $999,105 7.14% $71,336 1173 Shavano Park $2,325,054 11.50% $267,381 $2,394,806 12.22% $292,645 1175 Shenandoah $3,487,728 15.98% $557,339 $3,592,360 16.82% $604,235 1181 Shepherd $308,324 2.32% $7,153 $317,574 2.58% $8,193 1176 Sherman $21,711,220 13.29% $2,885,421 $22,340,845 13.79% $3,080,803 1178 Shiner $1,067,919 7.22% $77,104 $1,099,957 7.40% $81,397 1179 Shoreacres $753,839 5.20% $39,200 $774,946 5.65% $43,784 1180 Silsbee $2,756,986 17.38% $479,164 $2,839,696 18.27% $518,812 1182 Silverton $92,409 1.21% $1,118 $94,257 2.90% $2,733 1184 Sinton $2,392,981 12.40% $296,730 $2,464,770 12.63% $311,300 1185 Skellytown $141,461 0.76% $1,075 $145,705 1.52% $2,215 1186 Slaton $1,957,662 6.01% $117,655 $2,014,434 6.51% $131,140 1188 Smithville $2,229,867 5.95% $132,677 $2,296,763 6.51% $149,519 1189 Smyer $83,523 8.00% $6,682 $86,029 9.03% $7,768 1190 Snyder $4,832,731 16.11% $778,553 $4,977,713 15.77% $784,985 1191 Somerset $309,765 2.90% $8,983 $319,058 3.23% $10,306 1192 Somerville $560,661 5.40% $30,276 $577,481 5.40% $31,184 1194 Sonora $1,238,427 8.86% $109,725 $1,275,580 8.96% $114,292 1196 Sour Lake $580,624 3.77% $21,890 $598,043 5.20% $31,098 1198 South Houston $4,885,691 10.94% $534,495 $5,032,262 11.14% $560,594 *Reflects phase-in, when applicable. Page 16 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 1199 South Padre Island $7,953,846 12.46% $991,049 $8,192,461 12.49% $1,023,238 1197 Southlake $21,205,759 11.50% $2,438,662 $21,841,932 12.00% $2,621,032 1200 Southmayd $167,542 4.89% $8,193 $172,568 8.02% $13,840 1202 Southside Place $1,276,932 10.62% $135,610 $1,315,240 11.41% $150,069 1204 Spearman $933,368 12.06% $112,564 $961,369 12.46% $119,787 1205 Spring Valley Village $2,454,771 6.07% $149,005 $2,528,414 6.67% $168,645 1203 Springtown $1,523,933 9.50% $144,774 $1,569,651 9.75% $153,041 1206 Spur $323,872 5.13% $16,615 $332,617 5.67% $18,859 1207 Stafford $7,738,679 14.51% $1,122,882 $7,970,839 15.02% $1,197,220 1208 Stamford $789,387 5.01% $39,548 $813,069 5.36% $43,580 1210 Stanton $983,811 7.57% $74,474 $1,013,325 8.14% $82,485 1211 Star Harbor $210,001 9.27% $19,467 $216,301 9.51% $20,570 1212 Stephenville $7,362,892 14.19% $1,044,794 $7,583,779 14.29% $1,083,722 1213 Sterling City $218,698 0.39% $853 $224,603 1.14% $2,560 1214 Stinnett $657,750 0.00% $0 $677,483 0.00% $0 1216 Stockdale $351,013 4.09% $14,356 $361,543 4.40% $15,908 1218 Stratford $649,536 7.30% $47,416 $669,022 6.35% $42,483 1224 Sudan $288,482 3.23% $9,318 $295,117 3.73% $11,008 1225 Sugar Land $45,426,170 14.71% $6,682,190 $46,788,955 14.85% $6,948,160 1226 Sulphur Springs $8,052,751 5.75% $463,033 $8,294,334 6.25% $518,396 1228 Sundown $630,101 10.01% $63,073 $649,004 10.51% $68,210 1229 Sunnyvale $1,804,991 12.14% $219,126 $1,859,141 11.96% $222,353 1230 Sunray $545,034 18.93% $103,175 $561,385 19.52% $109,582 1227 Sunrise Beach Village $495,582 0.98% $4,857 $510,449 1.54% $7,861 1231 Sunset Valley $1,729,870 10.29% $178,004 $1,781,766 11.66% $207,754 1233 Surfside Beach $640,322 0.66% $4,226 $659,532 0.84% $5,540 1232 Sweeny $925,465 17.26% $159,735 $953,229 17.84% $170,056 1234 Sweetwater $5,082,812 18.15% $922,530 $5,235,296 17.78% $930,836 1264 TMRS $9,017,377 16.75% $1,510,411 $9,287,898 16.56% $1,538,076 1236 Taft $1,012,612 11.95% $121,007 $1,042,990 13.45% $140,282 1238 Tahoka $644,199 0.00% $0 $663,525 0.40% $2,654 1241 Tatum $421,386 2.09% $8,807 $434,028 2.12% $9,201 1246 Taylor $6,894,622 12.20% $841,144 $7,101,461 11.90% $845,074 1248 Teague $908,258 11.76% $106,811 $935,506 12.10% $113,196 1252 Temple $30,081,165 15.85% $4,767,865 $30,983,600 16.36% $5,068,917 1254 Tenaha $321,861 0.51% $1,641 $331,517 0.47% $1,558 1256 Terrell $9,552,813 17.15% $1,638,307 $9,839,397 16.35% $1,608,741 1258 Terrell Hills $2,498,051 12.66% $316,253 $2,572,993 11.72% $301,555 31263 Tex Municipal League IEBP $9,778,506 4.07% $397,985 $9,974,076 4.63% $461,800 21263 Tex Municipal League IRP $23,077,661 10.33% $2,383,922 $23,769,991 10.99% $2,612,322 21260 Texarkana $8,436,611 15.48% $1,305,987 $8,647,526 15.82% $1,368,039 11260 Texarkana Police Dept $5,773,956 16.76% $967,715 $5,941,401 16.12% $957,754 31260 Texarkana Water Utilities $6,964,188 15.83% $1,102,431 $7,173,114 16.20% $1,162,044 1262 Texas City $20,651,136 16.67% $3,442,544 $21,270,670 16.84% $3,581,981 11263 Texas Municipal League $2,816,938 15.63% $440,287 $2,878,911 16.13% $464,368 *Reflects phase-in, when applicable. Page 17 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 1265 Texhoma $18,661 0.00% $0 $19,034 0.00% $0 1267 The Colony $18,688,938 12.06% $2,253,886 $19,249,606 12.80% $2,463,950 1269 Thompsons $127,663 2.84% $3,626 $131,493 3.48% $4,576 1268 Thorndale $333,617 5.70% $19,016 $343,292 6.66% $22,863 1272 Thrall $161,987 7.33% $11,874 $166,847 7.97% $13,298 1274 Three Rivers $2,119,856 5.14% $108,961 $2,183,452 5.42% $118,343 1276 Throckmorton $145,943 6.54% $9,545 $150,321 6.33% $9,515 1277 Tiki Island $428,810 2.62% $11,235 $441,674 3.20% $14,134 1278 Timpson $535,329 2.22% $11,884 $551,389 2.61% $14,391 1280 Tioga $273,353 0.50% $1,367 $281,554 0.77% $2,168 1283 Tolar $223,699 6.78% $15,167 $230,410 8.10% $18,663 1286 Tom Bean $286,246 2.00% $5,725 $294,833 1.08% $3,184 1284 Tomball $9,859,213 13.30% $1,311,275 $10,154,989 13.59% $1,380,063 1290 Trent $81,551 6.87% $5,603 $83,834 7.82% $6,556 1292 Trenton $134,525 3.69% $4,964 $138,561 4.49% $6,221 1293 Trinidad $201,207 3.72% $7,485 $205,432 4.54% $9,327 1294 Trinity $905,725 6.66% $60,321 $932,897 7.81% $72,859 1295 Trophy Club $4,484,476 12.63% $566,389 $4,619,010 13.13% $606,476 1296 Troup $799,605 4.81% $38,461 $823,593 5.53% $45,545 1297 Troy $495,777 11.47% $56,866 $510,650 11.98% $61,176 1298 Tulia $1,422,993 11.62% $165,352 $1,465,683 11.91% $174,563 1299 Turkey $123,852 5.19% $6,428 $127,568 4.89% $6,238 1301 Tye $480,924 6.56% $31,549 $493,428 7.48% $36,908 1304 Tyler $35,253,822 20.63% $7,272,863 $36,311,437 20.75% $7,534,623 1305 Universal City $6,946,360 18.45% $1,281,603 $7,154,751 19.01% $1,360,118 1306 University Park $15,747,711 5.55% $873,998 $16,220,142 6.12% $992,673 1308 Uvalde $6,178,203 5.96% $368,221 $6,363,549 6.17% $392,631 1312 Valley Mills $170,705 3.62% $6,180 $175,826 2.29% $4,026 1313 Valley View $128,308 2.34% $3,002 $132,157 2.42% $3,198 1314 Van $949,359 7.57% $71,866 $977,840 7.83% $76,565 1316 Van Alstyne $1,434,991 9.52% $136,611 $1,472,301 10.11% $148,850 1318 Van Horn $1,025,128 7.65% $78,422 $1,046,656 8.37% $87,605 1320 Vega $247,751 21.27% $52,697 $255,184 22.65% $57,799 1324 Venus $715,624 9.49% $67,913 $737,093 10.35% $76,289 1326 Vernon $3,906,207 11.69% $456,636 $4,023,393 12.19% $490,452 1328 Victoria $29,985,895 16.68% $5,001,647 $30,885,472 16.49% $5,093,014 1329 Vidor $3,246,697 15.55% $504,861 $3,344,098 16.02% $535,724 1500 Village Fire Department $3,415,218 6.70% $228,820 $3,510,844 7.39% $259,451 1330 Waco $78,601,095 12.96% $10,186,702 $80,959,128 13.46% $10,897,099 1332 Waelder $541,335 1.85% $10,015 $557,575 2.40% $13,382 1334 Wake Village $1,046,155 12.22% $127,840 $1,077,540 13.22% $142,451 1336 Waller $1,506,590 3.92% $59,058 $1,551,788 4.42% $68,589 1337 Wallis $346,808 2.35% $8,150 $357,212 2.80% $10,002 1338 Walnut Springs $99,477 2.01% $1,999 $102,461 2.51% $2,572 1340 Waskom $721,767 6.40% $46,193 $739,811 7.01% $51,861 *Reflects phase-in, when applicable. Page 18 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN CITY# CITY NAME EXPECTED COMPENSATION 2016 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS EXPECTED COMPENSATION 2017 EXPECTED CONTRIBUTIONS TOTAL RATE* EXPECTED CONTRIBUTIONS 1341 Watauga $9,213,632 13.16% $1,212,514 $9,490,041 13.66% $1,296,340 1342 Waxahachie $12,649,932 14.83% $1,875,985 $13,029,430 15.33% $1,997,412 1344 Weatherford $20,602,420 12.85% $2,647,411 $21,220,493 13.35% $2,832,936 1345 Webster $10,000,684 16.97% $1,697,116 $10,300,705 17.12% $1,763,481 1346 Weimar $1,181,938 17.36% $205,184 $1,211,486 18.58% $225,094 1350 Wellington $392,283 2.76% $10,827 $404,051 3.26% $13,172 1352 Wells $65,718 3.73% $2,451 $67,032 3.73% $2,500 1354 Weslaco $9,070,127 6.05% $548,743 $9,251,530 6.78% $627,254 1356 West $777,647 2.15% $16,719 $800,976 2.16% $17,301 1358 West Columbia $1,429,311 2.44% $34,875 $1,472,190 2.94% $43,282 1359 West Lake Hills $1,875,713 15.77% $295,800 $1,931,984 16.76% $323,801 1361 West Orange $1,334,191 20.22% $269,773 $1,374,217 20.33% $279,378 1365 West Tawakoni $462,493 10.54% $48,747 $471,743 11.04% $52,080 1364 West Univ. Place $8,635,298 11.89% $1,026,737 $8,894,357 12.89% $1,146,483 1363 Westlake $2,758,809 10.37% $286,088 $2,841,573 11.37% $323,087 1362 Westover Hills $1,086,444 1.25% $13,581 $1,119,037 1.83% $20,478 1366 Westworth Village $2,468,124 8.97% $221,391 $2,542,168 9.87% $250,912 1368 Wharton $4,895,426 6.05% $296,173 $5,042,289 6.17% $311,109 1370 Wheeler $305,845 8.43% $25,783 $315,020 7.30% $22,996 1372 White Deer $233,389 7.09% $16,547 $240,391 7.72% $18,558 1377 White Oak $1,987,552 14.70% $292,170 $2,047,179 15.34% $314,037 1378 White Settlement $6,067,270 10.52% $638,277 $6,249,288 10.56% $659,925 1374 Whiteface $131,587 2.22% $2,921 $135,535 1.92% $2,602 1375 Whitehouse $1,788,480 5.11% $91,391 $1,833,192 5.45% $99,909 1376 Whitesboro $1,856,294 6.90% $128,084 $1,911,983 7.29% $139,384 1380 Whitewright $767,706 4.03% $30,939 $790,737 4.99% $39,458 1382 Whitney $662,363 4.08% $27,024 $675,610 4.26% $28,781 1384 Wichita Falls $45,681,660 11.92% $5,445,254 $47,052,110 12.42% $5,843,872 1386 Willis $2,033,314 9.16% $186,252 $2,094,313 9.66% $202,311 1387 Willow Park $1,866,593 6.60% $123,195 $1,922,591 7.10% $136,504 1388 Wills Point $1,075,213 10.92% $117,413 $1,097,792 11.94% $131,076 1390 Wilmer $1,382,341 1.92% $26,541 $1,418,282 2.68% $38,010 1392 Wimberley $334,434 2.11% $7,057 $344,467 2.54% $8,749 1393 Windcrest $2,827,717 7.24% $204,727 $2,912,549 7.75% $225,723 1395 Winfield $251,597 1.79% $4,504 $259,145 2.65% $6,867 1396 Wink $331,489 4.84% $16,044 $340,771 6.43% $21,912 1398 Winnsboro $1,442,845 9.88% $142,553 $1,486,130 10.18% $151,288 1399 Winona $172,535 7.35% $12,681 $177,711 5.44% $9,667 1400 Winters $519,980 9.18% $47,734 $533,499 9.97% $53,190 1403 Wolfforth $1,093,792 11.05% $120,864 $1,126,606 11.76% $132,489 1409 Woodcreek $96,297 2.92% $2,812 $99,186 2.77% $2,747 1404 Woodsboro $442,164 0.00% $0 $455,429 0.32% $1,457 1406 Woodville $1,436,708 15.62% $224,414 $1,479,809 16.12% $238,545 1407 Woodway $4,378,537 15.68% $686,555 $4,509,893 16.45% $741,877 1408 Wortham $319,076 4.62% $14,741 $327,372 5.44% $17,809 *Reflects phase-in, when applicable. Page 19 of 20 SECTION 4 TEXAS MUNICIPAL RETIREMENT SYSTEM COMPARISON OF EXPECTED CITY CONTRIBUTION AMOUNTS FOR THE RETIREMENT PLAN *Reflects phase-in, when applicable. Page 20 of 20 2016 EXPECTED 2017 EXPECTED CONTRIBUTIONS CONTRIBUTIONS EXPECTED TOTAL EXPECTED EXPECTED TOTAL EXPECTED CITY# CITY NAME COMPENSATION RATE* CONTRIBUTIONS COMPENSATION RATE* CONTRIBUTIONS 1410 Wylie $17,473,630 14.45% $2,524,940 $17,997,839 14.97% $2,694,276 1412 Yoakum $3,756,712 15.08% $566,512 $3,869,413 15.61% $604,015 1414 Yorktown $573,004 0.70% $4,011 $590,194 1.27% $7,495 1415 Zavalla $211,064 1.77% $3,736 $215,285 2.71% $5,834 *Reflects phase-in, when applicable. Page 20 of 20 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY ACTIVES ACTIVES & CITY ACTIVES ACTIVES & NO. CITY NAME ONLY RETIREES CODE* NO. CITY NAME ONLY RETIREES CODE* 4 Abernathy 0.14 % 0.27 % 3 110 Bells 0.07 % 0.10 % 3 6 Abilene 0.15 % 0.25 % 3 112 Bellville 0.18 % 0.28 % 3 7 Addison 0.14 % 0.17 % 3 114 Belton 0.12 % 0.16 % 3 10 Alamo 0.14 % 0.18 % 3 118 Benbrook 0.13 % 0.15 % 3 12 Alamo Heights 0.12 % 0.19 % 3 121 Berryville 0.13 % 0.23 % 3 14 Alba 0.15 % 0.15 % 3 123 Bertram 0.08 % 0.20 % 1 16 Albany 0.26 % 0.31 % 3 124 Big Lake 0.15 % 0.24 % 3 17 Aledo 0.12 % 0.17 % 3 126 Big Sandy 0.27 % 0.32 % 3 18 Alice 0.16 % 0.22 % 1 128 Big Spring 0.14 % 0.22 % 3 19 Allen 0.13 % 0.14 % 3 132 Bishop 0.14 % 0.26 % 3 20 Alpine 0.15 % 0.20 % 3 134 Blanco 0.20 % 0.23 % 3 22 Alto 0.08 % 0.19 % 3 140 Blooming Grove 0.09 % 0.13 % 3 23 Alton 0.11 % 0.12 % 3 142 Blossom 0.26 % 0.48 % 3 24 Alvarado 0.12 % 0.13 % 3 143 Blue Mound 0.09 % 0.11 % 3 26 Alvin 0.12 % 0.16 % 3 144 Blue Ridge 0.05 % 0.19 % 3 28 Alvord 0.09 % 0.16 % 3 148 Boerne 0.14 % 0.16 % 3 30 Amarillo 0.15 % 0.22 % 1 150 Bogata 0.20 % 0.22 % 3 32 Amherst 0.08 % 0.18 % 1 152 Bonham 0.12 % 0.17 % 1 34 Anahuac 0.08 % 0.17 % 3 154 Booker 0.22 % 0.27 % 3 36 Andrews 0.16 % 0.20 % 1 156 Borger 0.15 % 0.20 % 3 38 Angleton 0.17 % 0.22 % 3 158 Bovina 0.09 % 0.17 % 3 40 Anna 0.11 % 0.11 % 3 160 Bowie 0.11 % 0.17 % 3 41 Annetta 0.07 % 0.07 % 3 162 Boyd 0.07 % 0.11 % 1 44 Anson 0.14 % 0.27 % 3 166 Brady 0.16 % 0.23 % 3 45 Anthony 0.11 % 0.13 % 3 170 Brazoria 0.14 % 0.19 % 3 48 Aransas Pass 0.12 % 0.16 % 3 172 Breckenridge 0.16 % 0.23 % 3 50 Archer City 0.22 % 0.27 % 3 174 Bremond 0.13 % 0.32 % 3 51 Argyle 0.17 % 0.19 % 1 176 Brenham 0.14 % 0.20 % 1 52 Arlington 0.11 % 0.15 % 3 177 Bridge City 0.25 % 0.30 % 3 54 Arp 0.15 % 0.23 % 3 178 Bridgeport 0.11 % 0.15 % 3 60 Aspermont 0.11 % 0.16 % 3 180 Brame 0.12 % 0.14 % 3 62 Athens 0.16 % 0.19 % 3 182 Brookshire 0.13 % 0.15 % 3 64 Atlanta 0.17 % 0.22 % 3 184 Brownfield 0.19 % 0.23 % 1 66 Aubrey 0.14 % 0.15 % 3 10188 Brownsville 0.12 % 0.16 % 3 74 Avinger 0.28 % 0.28 % 3 20188 Brownsville PUB 0.13 % 0.19 % 3 75 Azle 0.13 % 0.17 % 3 10190 Brownwood 0.16 % 0.23 % 1 77 Baird 0.10 % 0.14 % 3 30190 Brownwood Health Dept. 0.13 % 0.23 % 1 78 Balch Springs 0.12 % 0.15 % 3 20190 Brownwood Public Library 0.21 % 0.35 % 1 79 Balcones Heights 0.14 % 0.18 % 3 195 Bruceville-Eddy 0.10 % 0.17 % 3 80 Ballinger 0.22 % 0.27 % 3 192 Bryan 0.13 % 0.17 % 1 82 Balmorhea 0.07 % 0.07 % 3 193 Bryson 0.06 % 0.10 % 1 83 Bandera 0.24 % 0.35 % 3 194 Buda 0.13 % 0.15 % 3 84 Bangs 0.18 % 0.30 % 3 196 Buffalo 0.28 % 0.33 % 3 90 Bartlett 0.13 % 0.20 % 3 198 Bullard 0.13 % 0.15 % 3 91 Bartonville 0.08 % 0.09 % 3 203 Bulverde 0.10 % 0.11 % 3 92 Bastrop 0.15 % 0.17 % 3 199 Bunker Hill Village 0.13 % 0.18 % 3 94 Bay City 0.15 % 0.23 % 3 200 Burkburnett 0.15 % 0.22 % 3 93 Bayou Vista 0.23 % 0.25 % 3 202 Burleson 0.11 % 0.13 % 3 96 Baytown 0.12 % 0.16 % 3 204 Burnet 0.13 % 0.17 % 3 98 Beaumont 0.15 % 0.22 % 1 206 Burton 0.10 % 0.10 % 3 100 Bedford 0.12 % 0.13 % 1 207 Cactus 0.09 % 0.15 % 3 101 Bee Cave 0.13 % 0.14 % 3 208 Caddo Mills 0.13 % 0.14 % 3 102 Beeville 0.14 % 0.23 % 1 210 Caldwell 0.26 % 0.34 % 3 106 Bellaire 0.16 % 0.21 % 3 212 Calvert 0.26 % 0.30 % 3 109 Bellmead 0.16 % 0.20 % 3 214 Cameron 0.17 % 0.27 % 3 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 1 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY ACTIVES ACTIVES & CITY ACTIVES ACTIVES & NO. CITY NAME ONLY RETIREES CODE* NO. CITY NAME ONLY RETIREES CODE* 220 Canadian 0.12 % 0.15 % 3 311 Covington 0.21 % 0.21 % 3 222 Canton 0.18 % 0.21 % 3 310 Crandall 0.13 % 0.17 % 3 224 Canyon 0.16 % 0.19 % 3 312 Crane 0.13 % 0.19 % 3 227 Carmine 0.09 % 0.09 % 3 314 Crawford 0.07 % 0.07 % 1 228 Carrizo Springs 0.14 % 0.21 % 3 316 Crockett 0.22 % 0.32 % 3 230 Carrollton 0.13 % 0.17 % 1 318 Crosbyton 0.23 % 0.60 % 3 232 Carthage 0.18 % 0.24 % 3 320 Cross Plains 0.33 % 0.37 % 3 231 Castle Hills 0.15 % 0.20 % 3 321 Cross Roads 0.02 % 0.03 % 3 234 Castroville 0.19 % 0.30 % 3 323 Crowley 0.12 % 0.14 % 3 238 Cedar Hill 0.13 % 0.15 % 3 324 Crystal City 0.17 % 0.24 % 1 239 Cedar Park 0.10 % 0.11 % 3 326 Cuero 0.19 % 0.24 % 3 240 Celeste 0.18 % 0.20 % 3 328 Cumby 0.10 % 0.11 % 3 242 Celina 0.14 % 0.14 % 3 332 Daingerfield 0.20 % 0.22 % 1 244 Center 0.12 % 0.19 % 3 334 Daisetta 0.21 % 0.24 % 3 246 Centerville 0.17 % 0.18 % 1 336 Dalhart 0.15 % 0.20 % 3 247 Chandler 0.22 % 0.24 % 3 339 Dalworthington Gardens 0.13 % 0.15 % 3 248 Charlotte 0.13 % 0.14 % 3 340 Danbury 0.13 % 0.14 % 3 249 Chester 0.35 % 0.35 % 3 341 Darrouzett 0.04 % 0.04 % 3 245 Chico 0.25 % 0.36 % 3 344 Dayton 0.17 % 0.21 % 3 250 Childress 0.19 % 0.27 % 3 352 De Leon 0.08 % 0.15 % 3 253 Chireno 0.09 % 0.18 % 3 10366 DeSoto 0.12 % 0.15 % 3 254 Christine 0.02 % 0.06 % 1 346 Decatur 0.17 % 0.20 % 3 255 Cibolo 0.12 % 0.13 % 3 348 Deer Park 0.13 % 0.17 % 3 256 Cisco 0.21 % 0.27 % 2 350 Dekalb 0.18 % 0.21 % 3 258 Clarendon 0.26 % 0.30 % 3 354 Del Rio 0.15 % 0.17 % 3 259 Clarksville 0.18 % 0.20 % 3 353 Dell City 0.07 % 0.23 % 3 260 Clarksville City 0.04 % 0.15 % 3 356 Denison 0.17 % 0.23 % 1 263 Clear Lake Shores 0.18 % 0.19 % 3 358 Denton 0.16 % 0.18 % 3 264 Cleburne 0.14 % 0.21 % 3 360 Denver City 0.21 % 0.27 % 3 266 Cleveland 0.12 % 0.24 % 3 362 Deport 0.05 % 0.07 % 3 268 Clifton 0.17 % 0.28 % 3 370 Devine 0.19 % 0.21 % 3 271 Clute 0.15 % 0.19 % 3 371 Diboll 0.10 % 0.16 % 3 272 Clyde 0.12 % 0.19 % 3 372 Dickens 0.07 % 0.07 % 3 274 Coahoma 0.13 % 0.29 % 3 373 Dickinson 0.16 % 0.18 % 3 276 Cockrell Hill 0.11 % 0.14 % 3 374 Dilley 0.21 % 0.23 % 3 278 Coleman 0.22 % 0.32 % 1 376 Dimmitt 0.23 % 0.28 % 1 280 College Station 0.11 % 0.13 % 1 382 Donna 0.13 % 0.16 % 1 281 Colleyville 0.11 % 0.14 % 3 379 Double Oak 0.20 % 0.24 % 3 282 Collinsville 0.20 % 0.25 % 3 383 Dripping Springs 0.12 % 0.12 % 3 283 Colmesneil 0.06 % 0.06 % 3 385 Driscoll 0.04 % 0.08 % 3 284 Colorado City 0.21 % 0.33 % 3 384 Dublin 0.17 % 0.20 % 3 286 Columbus 0.14 % 0.20 % 3 386 Dumas 0.12 % 0.18 % 3 288 Comanche 0.16 % 0.27 % 3 388 Duncanville 0.14 % 0.19 % 1 290 Commerce 0.17 % 0.26 % 3 394 Eagle Lake 0.16 % 0.21 % 3 294 Conroe 0.13 % 0.15 % 1 396 Eagle Pass 0.15 % 0.22 % 3 295 Converse 0.12 % 0.14 % 3 397 Early 0.12 % 0.17 % 3 298 Cooper 0.29 % 0.32 % 3 399 Earth 0.17 % 0.25 % 3 299 Coppell 0.13 % 0.15 % 3 393 East Bernard 0.28 % 0.28 % 3 297 Copper Canyon 0.47 % 0.47 % 3 401 East Mountain 0.06 % 0.08 % 3 300 Copperas Cove 0.12 % 0.20 % 3 395 EastTawakoni 0.27 % 0.31 % 3 301 Corinth 0.10 % 0.12 % 3 398 Eastland 0.24 % 0.31 % 3 302 Corpus Christi 0.15 % 0.25 % 1 402 Ector 0.33 % 0.39 % 3 304 Corrigan 0.17 % 0.24 % 3 406 Eden 0.18 % 0.23 % 3 306 Corsicana 0.15 % 0.24 % 3 408 Edgewood 0.33 % 0.41 % 3 308 Cotulla 0.21 % 0.25 % 3 410 Edinburg 0.11 % 0.14 % 3 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 2 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY ACTIVES ACTIVES & CITY ACTIVES ACTIVES & NO. CITY NAME ONLY RETIREES CODE* NO. CITY NAME ONLY RETIREES CODE* 412 Edna 0.16 % 0.22 % 3 514 Gladewater 0.16 % 0.20 % 3 414 EI Campo 0.15 % 0.21 % 3 516 Glen Rose 0.17 % 0.25 % 3 416 Eldorado 0.09 % 0.24 % 3 517 Glenn Heights 0.13 % 0.16 % 3 418 Electra 0.14 % 0.23 % 3 518 Godley 0.10 % 0.18 % 3 420 Elgin 0.25 % 0.27 % 3 519 Goldsmith 0.41 % 0.41 % 3 422 Elkhart 0.30 % 0.34 % 1 520 Goldthwaite 0.26 % 0.28 % 3 427 Elmendorf 0.09 % 0.12 % 3 522 Goliad 0.25 % 0.29 % 3 432 Emory 0.20 % 0.23 % 3 524 Gonzales 0.11 % 0.18 % 3 436 Ennis 0.15 % 0.21 % 3 532 Graford 0.20 % 0.20 % 3 439 Euless 0.13 % 0.16 % 1 10534 Graham 0.20 % 0.32 % 3 440 Eustace 0.18 % 0.28 % 3 536 Granbury 0.18 % 0.22 % 3 441 Everman 0.21 % 0.23 % 3 540 Grand Prairie 0.13 % 0.17 % 3 443 Fair Oaks Ranch 0.11 % 0.12 % 3 542 Grand Saline 0.30 % 0.37 % 3 442 Fairfield 0.17 % 0.23 % 3 544 Grandview 0.10 % 0.21 % 1 445 Fairview 0.14 % 0.15 % 3 546 Granger 0.33 % 0.42 % 1 20444 Falfurrias 0.21 % 0.25 % 3 547 Granite Shoals 0.17 % 0.21 % 3 446 Falls City 0.18 % 0.32 % 3 548 Grapeland 0.14 % 0.31 % 1 448 Farmers Branch 0.13 % 0.18 % 2 550 Grapevine 0.16 % 0.19 % 1 450 Farmersville 0.17 % 0.21 % 3 552 Greenville 0.18 % 0.23 % 3 451 Farwell 0.09 % 0.11 % 3 551 Gregory 0.14 % 0.18 % 3 452 Fate 0.08 % 0.09 % 3 553 Grey Forest 0.23 % 0.26 % 3 454 Fayetteville 0.12 % 0.27 % 1 556 Groesbeck 0.19 % 0.22 % 3 456 Ferris 0.11 % 0.17 % 3 558 Groom 0.16 % 0.25 % 1 458 Flatonia 0.17 % 0.21 % 3 559 Groves 0.14 % 0.22 % 1 460 Florence 0.09 % 0.12 % 3 560 Groveton 0.17 % 0.19 % 3 20462 Floresville 0.16 % 0.20 % 1 562 Gruver 0.15 % 0.23 % 1 463 Flower Mound 0.12 % 0.13 % 3 563 Gun Barrel City 0.17 % 0.20 % 3 464 Floydada 0.19 % 0.29 % 3 564 Gunter 0.12 % 0.17 % 3 468 Forest Hill 0.09 % 0.12 % 3 568 Hale Center 0.19 % 0.20 % 3 470 Forney 0.11 % 0.12 % 3 570 Hallettsville 0.19 % 0.27 % 3 472 Fort Stockton 0.15 % 0.25 % 3 572 Hallsville 0.19 % 0.23 % 3 476 Franklin 0.22 % 0.24 % 1 574 Haltom City 0.14 % 0.18 % 3 478 Frankston 0.22 % 0.28 % 3 576 Hamilton 0.21 % 0.29 % 3 480 Fredericksburg 0.18 % 0.23 % 3 578 Hamlin 0.10 % 0.31 % 3 482 Freeport 0.10 % 0.15 % 3 580 Happy 0.11 % 0.35 % 3 481 Freer 0.23 % 0.28 % 3 581 Harker Heights 0.13 % 0.15 % 3 483 Friendswood 0.16 % 0.20 % 3 10582 Harlingen 0.17 % 0.31 % 3 484 Friona 0.12 % 0.17 % 3 20582 Harlingen Waterworks Sys 0.17 % 0.26 % 3 486 Frisco 0.12 % 0.13 % 3 583 Hart 0.05 % 0.09 % 1 487 Fritch 0.20 % 0.24 % 3 586 Haskell 0.17 % 0.26 % 3 488 Frost 0.41 % 0.50 % 1 587 Haslet 0.15 % 0.16 % 3 491 Fulshear 0.10 % 0.10 % 3 588 Hawkins 0.23 % 0.27 % 3 493 Fulton 0.33 % 0.35 % 3 585 Hays 0.47 % 0.79 % 3 492 Gainesville 0.13 % 0.20 % 3 590 Hearne 0.14 % 0.23 % 3 494 Galena Park 0.14 % 0.26 % 3 591 Heath 0.16 % 0.17 % 3 498 Ganado 0.22 % 0.36 % 3 592 Hedley 0.08 % 0.39 % 3 499 Garden Ridge 0.14 % 0.16 % 3 595 Hedwig Village 0.17 % 0.19 % 3 500 Garland 0.16 % 0.20 % 3 593 Helotes 0.11 % 0.12 % 3 502 Garrison 0.10 % 0.14 % 3 594 Hemphill 0.32 % 0.35 % 3 503 Gary 0.14 % 0.17 % 1 596 Hempstead 0.20 % 0.23 % 3 504 Galesville 0.15 % 0.21 % 3 598 Henderson 0.09 % 0.15 % 3 505 George West 0.16 % 0.17 % 3 600 Henrietta 0.19 % 0.24 % 3 506 Georgetown 0.12 % 0.13 % 3 602 Hereford 0.14 % 0.20 % 3 510 Giddings 0.19 % 0.25 % 3 605 Hewitt 0.11 % 0.13 % 3 512 Gilmer 0.19 % 0.25 % 3 609 Hickory Creek 0.07 % 0.08 % 3 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 3 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY ACTIVES ACTIVES & CITY ACTIVES ACTIVES & NO. CITY NAME ONLY RETIREES CODE* NO. CITY NAME ONLY RETIREES CODE* 606 Hico 0.20 % 0.30 % 3 682 Kaufman 0.15 % 0.18 % 3 607 Hidalgo 0.14 % 0.16 % 1 683 Keene 0.14 % 0.17 % 3 608 Higgins 0.39 % 0.39 % 3 681 Keller 0.12 % 0.13 % 3 610 Highland Park 0.14 % 0.17 % 1 685 Kemah 0.13 % 0.15 % 3 611 Highland Village 0.13 % 0.15 % 3 684 Kemp 0.11 % 0.18 % 1 613 Hill Country Village 0.12 % 0.12 % 3 686 Kenedy 0.18 % 0.20 % 3 612 Hillsboro 0.15 % 0.18 % 1 688 Kennecale 0.14 % 0.17 % 3 619 Hilshire Village 0.28 % 0.28 % 3 690 Kerens 0.15 % 0.15 % 3 614 Hitchcock 0.20 % 0.21 % 3 692 Kermit 0.19 % 0.25 % 3 615 Holland 0.35 % 0.43 % 3 10694 Kerrville 0.12 % 0.18 % 3 616 Holliday 0.12 % 0.12 % 1 20694 Kerrville PUB 0.16 % 0.19 % 3 617 Hollywood Park 0.12 % 0.15 % 3 10696 Kilgore 0.15 % 0.21 % 3 618 Hondo 0.17 % 0.21 % 3 698 Killeen 0.12 % 0.15 % 3 620 Honey Grove 0.24 % 0.35 % 3 700 Kingsville 0.13 % 0.18 % 1 622 Hooks 0.13 % 0.21 % 3 701 Kirby 0.11 % 0.12 % 3 626 Howe 0.18 % 0.27 % 3 702 Kirbyville 0.17 % 0.34 % 3 627 Hubbard 0.18 % 0.18 % 3 704 Knox City 0.30 % 0.34 % 3 628 Hudson 0.19 % 0.20 % 3 708 Kountze 0.11 % 0.15 % 3 629 Hudson Oaks 0.07 % 0.09 % 3 709 Kress 0.20 % 1.14 % 1 630 Hughes Springs 0.26 % 0.26 % 3 699 Krugerville 0.10 % 0.10 % 3 632 Humble 0.14 % 0.17 % 3 707 Krum 0.13 % 0.14 % 3 633 Hunters Creek Village 0.11 % 0.35 % 3 710 Kyle 0.13 % 0.14 % 3 634 Huntington 0.09 % 0.13 % 3 725 La Caste 0.27 % 0.27 % 1 636 Huntsville 0.13 % 0.17 % 3 714 La Feria 0.16 % 0.22 % 3 637 Hurst 0.14 % 0.18 % 1 716 La Grange 0.22 % 0.27 % 3 638 Hutchins 0.11 % 0.12 % 3 723 La Grulla 0.09 % 0.15 % 3 640 Hutto 0.11 % 0.12 % 3 732 La Joya 0.16 % 0.18 % 3 641 Huxley 0.14 % 0.22 % 3 721 La Marque 0.11 % 0.17 % 3 642 Idalou 0.08 % 0.08 % 3 728 La Porte 0.14 % 0.17 % 3 643 Ingleside 0.28 % 0.32 % 3 731 La Vernia 0.10 % 0.12 % 3 646 Ingram 0.25 % 0.29 % 1 711 Lacy -Lakeview 0.16 % 0.19 % 3 647 Iowa Colony 0.22 % 0.22 % 3 712 Laconia 0.16 % 0.28 % 3 644 Iowa Park 0.17 % 0.22 % 3 713 Lago Vista 0.20 % 0.22 % 3 645 Iraan 0.26 % 0.39 % 3 705 Laguna Vista 0.14 % 0.14 % 3 648 Irving 0.14 % 0.18 % 3 717 Lake Dallas 0.21 % 0.26 % 3 650 Italy 0.06 % 0.08 % 3 718 Lake Jackson 0.15 % 0.20 % 3 652 Itasca 0.16 % 0.22 % 3 719 Lake Worth 0.11 % 0.15 % 3 654 Jacinto City 0.19 % 0.23 % 3 727 Lakeport 0.13 % 0.15 % 3 656 Jacksboro 0.16 % 0.21 % 3 715 Lakeside 0.21 % 0.24 % 3 658 Jacksonville 0.16 % 0.22 % 3 729 Lakeside City 0.09 % 0.17 % 3 660 Jasper 0.17 % 0.23 % 3 720 Lakeway 0.12 % 0.15 % 3 664 Jefferson 0.26 % 0.32 % 3 722 Lamesa 0.16 % 0.24 % 1 665 Jersey Village 0.13 % 0.16 % 3 724 Lampasas 0.14 % 0.19 % 3 666 Jewett 0.21 % 0.22 % 3 726 Lancaster 0.10 % 0.14 % 3 668 Joaquin 0.27 % 0.38 % 3 730 Laredo 0.15 % 0.19 % 3 670 Johnson City 0.14 % 0.15 % 3 733 Lavon 0.19 % 0.20 % 3 673 Jones Creek 0.32 % 0.39 % 3 736 League City 0.12 % 0.14 % 3 675 Jonestown 0.20 % 0.24 % 3 737 Leander 0.13 % 0.14 % 3 677 Josephine 0.08 % 0.08 % 3 735 Lefors 0.04 % 0.04 % 3 671 Joshua 0.10 % 0.11 % 3 739 Leon Valley 0.14 % 0.19 % 3 672 Jourdanton 0.22 % 0.28 % 3 738 Leonard 0.19 % 0.24 % 3 674 Junction 0.18 % 0.26 % 3 740 Levelland 0.16 % 0.19 % 3 676 Justin 0.09 % 0.11 % 1 742 Lewisville 0.12 % 0.15 % 1 678 Karnes City 0.13 % 0.19 % 3 744 Lexington 0.12 % 0.17 % 1 680 Katy 0.14 % 0.17 % 3 746 Liberty 0.14 % 0.16 % 1 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 4 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY ACTIVES ACTIVES & CITY ACTIVES ACTIVES & NO. CITY NAME ONLY RETIREES CODE* NO. CITY NAME ONLY RETIREES CODE* 745 Liberty Hill 0.17 % 0.17 % 3 840 Memphis 0.19 % 0.24 % 3 748 Lindale 0.16 % 0.18 % 1 842 Menard 0.09 % 0.20 % 1 750 Linden 0.35 % 0.39 % 3 844 Mercedes 0.16 % 0.21 % 3 755 Lipan 0.25 % 0.25 % 3 846 Meridian 0.08 % 0.09 % 3 751 Little Elm 0.11 % 0.12 % 3 848 Merkel 0.09 % 0.12 % 3 752 Littlefield 0.09 % 0.18 % 3 852 Mertzon 0.47 % 0.53 % 3 753 Live Oak 0.13 % 0.15 % 3 854 Mesquite 0.13 % 0.17 % 1 757 Liverpool 0.20 % 0.20 % 3 856 Mexia 0.17 % 0.23 % 3 754 Livingston 0.20 % 0.25 % 3 860 Midland 0.13 % 0.20 % 3 756 Llano 0.19 % 0.29 % 3 862 Midlothian 0.12 % 0.15 % 3 758 Lockhart 0.18 % 0.24 % 3 863 Milano 0.24 % 0.24 % 3 760 Lockney 0.26 % 0.69 % 3 864 Miles 0.07 % 0.07 % 3 765 Lone Star 0.13 % 0.18 % 3 865 Milford 0.24 % 0.32 % 3 766 Longview 0.14 % 0.20 % 3 868 Mineola 0.14 % 0.18 % 3 768 Loraine 0.04 % 0.05 % 3 870 Mineral Wells 0.19 % 0.26 % 3 769 Lorena 0.24 % 0.27 % 3 874 Mission 0.13 % 0.15 % 3 770 Lorenzo 0.16 % 0.17 % 1 875 Missouri City 0.10 % 0.12 % 3 771 Los Fresnos 0.13 % 0.16 % 3 876 Monahans 0.18 % 0.25 % 3 773 Lou 0.07 % 0.07 % 3 887 Mont Belvieu 0.15 % 0.17 % 3 774 Lovelady 0.07 % 0.11 % 3 877 Montgomery 0.16 % 0.19 % 1 778 Lubbock 0.15 % 0.22 % 1 878 Moody 0.11 % 0.15 % 3 779 Lucas 0.15 % 0.15 % 3 883 Morgan's Point 0.22 % 0.31 % 2 782 Lufkin 0.15 % 0.20 % 3 882 Morgan's Point Resort 0.18 % 0.23 % 3 784 Luling 0.19 % 0.30 % 3 884 Morton 0.15 % 0.18 % 3 785 Lumberton 0.16 % 0.20 % 3 886 Moulton 0.13 % 0.17 % 3 786 Lyford 0.14 % 0.15 % 1 890 Mount Enterprise 0.37 % 0.37 % 3 787 Lytle 0.15 % 0.16 % 3 892 Mt. Pleasant 0.13 % 0.18 % 3 790 Madisonville 0.25 % 0.33 % 3 894 Mt. Vernon 0.12 % 0.21 % 3 791 Magnolia 0.28 % 0.32 % 3 896 Muenster 0.27 % 0.43 % 1 792 Malakoff 0.19 % 0.23 % 3 898 Muleshoe 0.13 % 0.19 % 3 796 Manor 0.12 % 0.12 % 3 901 Munday 0.18 % 0.21 % 3 798 Mansfield 0.14 % 0.16 % 3 903 Murphy 0.10 % 0.11 % 3 799 Marvel 0.14 % 0.15 % 3 10904 Nacogdoches 0.13 % 0.18 % 3 800 Marble Falls 0.15 % 0.19 % 3 906 Naples 0.39 % 0.46 % 3 802 Marfa 0.26 % 0.36 % 3 907 Nash 0.10 % 0.17 % 3 804 Marion 0.38 % 0.42 % 3 905 Nassau Bay 0.12 % 0.15 % 3 806 Marlin 0.13 % 0.29 % 3 909 Natalia 0.16 % 0.18 % 3 810 Marshall 0.15 % 0.23 % 3 908 Navasota 0.12 % 0.16 % 3 812 Mart 0.15 % 0.24 % 3 910 Nederland 0.14 % 0.19 % 1 813 Martindale 0.16 % 0.17 % 3 912 Needville 0.31 % 0.43 % 3 814 Mason 0.18 % 0.26 % 3 914 New Boston 0.17 % 0.23 % 3 816 Matador 0.26 % 0.27 % 3 10916 New Braunfels 0.11 % 0.14 % 3 818 Mathis 0.13 % 0.18 % 3 20916 New Braunfels Utilities 0.15 % 0.18 % 3 820 Maud 0.08 % 0.10 % 3 915 New Deal 0.14 % 0.15 % 1 822 Maypearl 0.09 % 0.13 % 3 923 New Fairview 0.02 % 0.11 % 3 824 McAllen 0.12 % 0.16 % 1 918 New London 0.21 % 0.23 % 1 826 McCamey 0.12 % 0.15 % 3 919 New Summerfield 0.09 % 0.09 % 1 828 McGregor 0.19 % 0.26 % 3 917 New Waverly 0.22 % 0.26 % 3 830 McKinney 0.12 % 0.13 % 3 913 Newark 0.09 % 0.09 % 3 832 McLean 0.17 % 0.19 % 3 920 Newton 0.12 % 0.21 % 3 833 McLendon -Chisholm 0.77 % 0.77 % 3 922 Nixon 0.16 % 0.21 % 3 831 Meadowlakes 0.14 % 0.14 % 3 924 Nocona 0.15 % 0.20 % 3 835 Meadows Place 0.16 % 0.19 % 3 925 Nolanville 0.07 % 0.08 % 3 837 Melissa 0.13 % 0.15 % 3 928 Normangee 0.09 % 0.12 % 3 1501 Memorial Villages PD 0.12 % 0.17 % 3 931 North Richland Hills 0.11 % 0.14 % 1 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 5 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY NO. CITY NAME ACTIVES ONLY ACTIVES & RETIREES CODE* CITY NO. CITY NAME ACTIVES ONLY ACTIVES & RETIREES CODE* 930 Northlake 0.09 % 0.11 % 3 1026 Poteet 0.25 % 0.27 % 3 935 O'Donnell 0.10 % 0.15 % 3 1028 Poth 0.25 % 0.34 % 3 936 Oak Point 0.12 % 0.12 % 3 1030 Pottsboro 0.10 % 0.15 % 3 937 Oak Ridge North 0.15 % 0.17 % 3 1032 Premont 0.15 % 0.25 % 3 942 Odem 0.22 % 0.31 % 3 1029 Presidio 0.17 % 0.19 % 3 944 Odessa 0.13 % 0.18 % 3 1033 Primera 0.17 % 0.18 % 3 945 Oglesby 0.02 % 0.55 % 3 1034 Princeton 0.12 % 0.14 % 3 949 Old River-Winfree 0.11 % 0.11 % 1 1036 Prosper 0.12 % 0.12 % 1 950 Olmos Park 0.10 % 0.13 % 1 1037 Providence Village 0.19 % 0.19 % 3 951 Olney 0.23 % 0.24 % 3 1042 Quanah 0.22 % 0.34 % 3 953 Omaha 0.23 % 0.23 % 3 1045 Queen City 0.24 % 0.24 % 3 954 Onalaska 0.10 % 0.13 % 3 1044 Quinlan 0.08 % 0.09 % 3 958 Orange 0.15 % 0.22 % 1 1047 Quintana 0.08 % 0.08 % 3 960 Orange Grove 0.15 % 0.19 % 3 1046 Quitaque 0.25 % 0.29 % 3 959 Ore City 0.17 % 0.17 % 3 1048 Quitman 0.13 % 0.19 % 3 962 Overton 0.24 % 0.28 % 3 1050 Ralls 0.19 % 0.35 % 3 961 Ovilla 0.16 % 0.19 % 3 1051 Rancho Viejo 0.07 % 0.08 % 3 963 Oyster Creek 0.17 % 0.22 % 3 1052 Ranger 0.15 % 0.24 % 1 964 Paducah 0.18 % 0.23 % 3 1054 Rankin 0.17 % 0.26 % 3 966 Palacios 0.20 % 0.25 % 3 1055 Ransom Canyon 0.20 % 0.21 % 3 968 Palestine 0.13 % 0.20 % 3 1058 Raymondville 0.10 % 0.27 % 3 970 Palmer 0.16 % 0.16 % 3 1061 Red Oak 0.12 % 0.13 % 3 969 Palmhurst 0.07 % 0.08 % 3 1062 Redwater 0.24 % 0.24 % 3 971 Palmview 0.08 % 0.08 % 3 1064 Refugio 0.13 % 0.24 % 1 972 Pampa 0.12 % 0.22 % 3 1065 Reklaw 0.20 % 0.36 % 3 974 Panhandle 0.19 % 0.26 % 1 1066 Reno (Lamar County) 0.08 % 0.08 % 3 973 Panorama Village 0.30 % 0.41 % 3 1069 Reno (Parker County) 0.27 % 0.28 % 3 975 Pantego 0.09 % 0.14 % 3 1067 Rhome 0.10 % 0.13 % 3 976 Paris 0.15 % 0.23 % 3 1068 Rice 0.08 % 0.10 % 3 977 Parker 0.22 % 0.24 % 3 1070 Richardson 0.14 % 0.18 % 1 978 Pasadena 0.16 % 0.22 % 3 1073 Richland Hills 0.17 % 0.23 % 3 983 Pearland 0.11 % 0.12 % 3 1074 Richland Springs 0.83 % 1.65 % 3 984 Pearsall 0.18 % 0.24 % 3 1076 Richmond 0.13 % 0.15 % 3 988 Pecos City 0.19 % 0.25 % 3 1077 Richwood 0.17 % 0.19 % 3 994 Perryton 0.17 % 0.23 % 3 1072 Riesel 0.29 % 0.31 % 3 1000 Pflugerville 0.13 % 0.14 % 3 1075 Rio Grande City 0.12 % 0.13 % 3 1002 Pharr 0.10 % 0.13 % 3 1079 Rio Vista 0.07 % 0.16 % 3 1004 Pilot Point 0.11 % 0.15 % 3 1080 Rising Star 0.13 % 0.21 % 3 1005 Pinehurst 0.14 % 0.25 % 3 1082 River Oaks 0.15 % 0.29 % 3 1003 Pineland 0.25 % 0.34 % 3 1084 Roanoke 0.12 % 0.13 % 1 1001 Piney Point Village 0.36 % 0.46 % 3 1088 Robert Lee 0.11 % 0.20 % 3 1006 Pittsburg 0.11 % 0.20 % 3 1089 Robinson 0.14 % 0.17 % 3 1007 Plains 0.14 % 0.16 % 3 21090 Robstown 0.10 % 0.12 % 3 1008 Plainview 0.15 % 0.24 % 1 11090 Robstown Utility Systems 0.20 % 0.26 % 3 1010 Plano 0.15 % 0.18 % 1 1092 Roby 0.07 % 0.57 % 3 1012 Pleasanton 0.15 % 0.17 % 3 1096 Rockdale 0.22 % 0.28 % 3 1013 Point 0.06 % 0.09 % 1 1098 Rockport 0.19 % 0.24 % 3 1017 Ponder 0.31 % 0.36 % 3 1100 Rocksprings 0.13 % 0.16 % 1 1014 Port Aransas 0.19 % 0.23 % 3 1102 Rockwall 0.12 % 0.14 % 3 11016 Port Arthur 0.17 % 0.25 % 3 1104 Rogers 0.09 % 0.24 % 1 1018 Port Isabel 0.14 % 0.18 % 3 1105 Rollingwood 0.17 % 0.21 % 3 1020 Port Lavaca 0.16 % 0.23 % 3 1106 Roma 0.16 % 0.22 % 3 1022 Port Neches 0.14 % 0.18 % 1 1109 Roscoe 0.24 % 0.27 % 3 1019 Portland 0.15 % 0.19 % 3 1112 Rosebud 0.14 % 0.22 % 3 1024 Post 0.33 % 0.54 % 3 1114 Rosenberg 0.10 % 0.13 % 3 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 6 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY NO. CITY NAME ACTIVES ONLY ACTIVES & RETIREES CODE* CITY NO. CITY NAME ACTIVES ONLY ACTIVES & RETIREES CODE* 1116 Rotan 0.14 % 0.27 % 3 1191 Somerset 0.10 % 0.22 % 3 1118 Round Rock 0.11 % 0.13 % 3 1192 Somerville 0.22 % 0.31 % 3 1119 Rowlett 0.12 % 0.14 % 1 1194 Sonora 0.18 % 0.27 % 3 1120 Royse City 0.14 % 0.16 % 3 1196 Sour Lake 0.33 % 0.33 % 3 1122 Rule 0.09 % 0.13 % 3 1198 South Houston 0.16 % 0.22 % 3 1123 Runaway Bay 0.24 % 0.26 % 3 1199 South Padre Island 0.14 % 0.17 % 3 1124 Runge 0.45 % 0.50 % 3 1197 Southlake 0.11 % 0.13 % 3 1126 Rusk 0.12 % 0.15 % 3 1200 Southmayd 0.32 % 0.32 % 3 1128 Sabinal 0.22 % 0.28 % 3 1202 Southside Place 0.13 % 0.20 % 3 1129 Sachse 0.11 % 0.13 % 3 1204 Spearman 0.22 % 0.28 % 3 1131 Saginaw 0.13 % 0.16 % 3 1205 Spring Valley Village 0.21 % 0.24 % 3 1130 Saint Jo 0.05 % 0.19 % 3 1203 Springtown 0.17 % 0.19 % 3 1133 Salado 0.18 % 0.20 % 3 1206 Spur 0.20 % 0.20 % 3 1132 San Angelo 0.14 % 0.23 % 1 1207 Stafford 0.15 % 0.19 % 3 21136 San Antonio 0.15 % 0.21 % 1 1208 Stamford 0.26 % 0.47 % 3 11136 San Antonio Water System 0.17 % 0.22 % 1 1210 Stanton 0.19 % 0.23 % 3 1138 San Augustine 0.19 % 0.26 % 3 1211 Star Harbor 0.14 % 0.30 % 3 1140 San Benito 0.14 % 0.20 % 3 1212 Stephenville 0.14 % 0.19 % 3 1144 San Felipe 0.14 % 0.14 % 3 1213 Sterling City 0.18 % 0.33 % 1 1148 San Juan 0.12 % 0.15 % 3 1214 Stinnett 0.11 % 0.17 % 3 1150 San Marcos 0.13 % 0.16 % 3 1216 Stockdale 0.43 % 0.43 % 3 1152 San Saba 0.19 % 0.19 % 3 1218 Stratford 0.17 % 0.19 % 3 1146 Sanger 0.13 % 0.14 % 3 1224 Sudan 0.10 % 0.25 % 1 1153 Sansom Park 0.10 % 0.13 % 3 1225 Sugar Land 0.13 % 0.14 % 3 1155 Santa Fe 0.16 % 0.19 % 1 1226 Sulphur Springs 0.16 % 0.21 % 3 1158 Savoy 0.06 % 0.12 % 3 1228 Sundown 0.19 % 0.24 % 3 1159 Schertz 0.11 % 0.13 % 3 1229 Sunnyvale 0.10 % 0.14 % 3 1160 Schulenburg 0.17 % 0.25 % 3 1230 Sunray 0.08 % 0.30 % 3 1161 Seabrook 0.14 % 0.17 % 3 1227 Sunrise Beach Village 0.13 % 0.16 % 3 1162 Seadrift 0.15 % 0.16 % 3 1231 Sunset Valley 0.09 % 0.11 % 3 1164 Seagoville 0.14 % 0.18 % 3 1233 Surfside Beach 0.19 % 0.20 % 3 1166 Seagraves 0.21 % 0.36 % 3 1232 Sweeny 0.13 % 0.29 % 3 1167 Sealy 0.14 % 0.16 % 3 1234 Sweetwater 0.19 % 0.26 % 3 1168 Seguin 0.12 % 0.18 % 3 1264 TMRS 0.14 % 0.16 % 3 1169 Selma 0.11 % 0.12 % 3 1236 Taft 0.22 % 0.29 % 3 1170 Seminole 0.20 % 0.24 % 3 1238 Tahoka 0.19 % 0.25 % 3 1171 Seven Points 0.06 % 0.12 % 3 1241 Tatum 0.08 % 0.14 % 3 1172 Seymour 0.18 % 0.29 % 3 1246 Taylor 0.14 % 0.20 % 3 1165 Shady Shores 0.06 % 0.06 % 3 1248 Teague 0.21 % 0.39 % 3 1177 Shallowater 0.17 % 0.19 % 3 1252 Temple 0.14 % 0.20 % 3 1174 Shamrock 0.29 % 0.43 % 3 1254 Tenaha 0.08 % 0.15 % 3 1173 Shavano Park 0.10 % 0.12 % 3 1256 Terrell 0.14 % 0.19 % 3 1175 Shenandoah 0.12 % 0.13 % 3 1258 Terrell Hills 0.17 % 0.20 % 3 1181 Shepherd 0.14 % 0.14 % 3 31263 Tex Municipal League IEBP 0.20 % 0.21 % 3 1176 Sherman 0.13 % 0.20 % 3 21263 Tex Municipal League IRP 0.20 % 0.21 % 3 1178 Shiner 0.23 % 0.35 % 3 21260 Texarkana 0.17 % 0.26 % 1 1179 Shoreacres 0.16 % 0.19 % 3 11260 Texarkana Police Dept 0.11 % 0.15 % 1 1180 Silsbee 0.13 % 0.22 % 1 31260 Texarkana Water Utilities 0.16 % 0.22 % 1 1182 Silverton 0.09 % 0.18 % 3 1262 Texas City 0.15 % 0.24 % 1 1184 Sinton 0.14 % 0.20 % 3 11263 Texas Municipal League 0.11 % 0.16 % 3 1185 Skellytown 0.09 % 0.14 % 3 1265 Texhoma 0.34 % 0.70 % 3 1186 Slaton 0.18 % 0.27 % 3 1267 The Colony 0.12 % 0.14 % 3 1188 Smithville 0.17 % 0.22 % 3 1269 Thompsons 0.16 % 0.21 % 3 1189 Smyer 0.13 % 0.13 % 3 1268 Thorndale 0.32 % 0.34 % 3 1190 Snyder 0.15 % 0.20 % 3 1272 Thrall 0.33 % 0.33 % 3 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 7 of 8 Section 5 TEXAS MUNICIPAL RETIREMENT SYSTEM CITY CONTRIBUTION RATES FOR 2017 SUPPLEMENTAL DEATH BENEFITS CITY NO. CITY NAME ACTIVES ONLY ACTIVES & RETIREES CODE* CITY NO. CITY NAME ACTIVES ONLY ACTIVES & RETIREES CODE* 1274 Three Rivers 0.21 % 0.23 % 3 1350 Wellington 0.29 % 0.47 % 3 1276 Throckmorton 0.07 % 0.16 % 3 1352 Wells 0.05 % 0.34 % 1 1277 Tiki Island 0.13 % 0.14 % 3 1354 Weslaco 0.12 % 0.18 % 3 1278 Timpson 0.09 % 0.12 % 3 1356 West 0.14 % 0.24 % 3 1280 Tioga 0.13 % 0.13 % 3 1358 West Columbia 0.18 % 0.29 % 1 1283 Tolar 0.16 % 0.16 % 3 1359 West Lake Hills 0.12 % 0.22 % 3 1286 Tom Bean 0.22 % 0.22 % 3 1361 West Orange 0.20 % 0.27 % 1 1284 Tomball 0.15 % 0.18 % 3 1365 WestTawakoni 0.17 % 0.29 % 3 1290 Trent 0.31 % 0.40 % 3 1364 West Univ. Place 0.14 % 0.19 % 3 1292 Trenton 0.28 % 0.39 % 3 1363 Westlake 0.17 % 0.17 % 3 1293 Trinidad 0.28 % 0.41 % 3 1362 Westover Hills 0.14 % 0.27 % 3 1294 Trinity 0.22 % 0.26 % 3 1366 Westworth Village 0.16 % 0.19 % 3 1295 Trophy Club 0.11 % 0.13 % 3 1368 Wharton 0.19 % 0.22 % 3 1296 Troup 0.16 % 0.25 % 3 1370 Wheeler 0.05 % 0.09 % 3 1297 Troy 0.32 % 0.43 % 3 1372 White Deer 0.32 % 0.53 % 3 1298 Tulia 0.20 % 0.28 % 3 1377 White Oak 0.13 % 0.19 % 3 1299 Turkey 0.10 % 0.24 % 3 1378 White Settlement 0.18 % 0.21 % 3 1301 Tye 0.15 % 0.18 % 3 1374 Whiteface 0.08 % 0.32 % 3 1304 Tyler 0.13 % 0.21 % 3 1375 Whitehouse 0.16 % 0.20 % 3 1305 Universal City 0.17 % 0.19 % 3 1376 Whitesboro 0.16 % 0.21 % 3 1306 University Park 0.19 % 0.23 % 1 1380 Whitewright 0.09 % 0.13 % 3 1308 Uvalde 0.11 % 0.18 % 3 1382 Whitney 0.15 % 0.18 % 3 1312 Valley Mills 0.11 % 0.11 % 3 1384 Wichita Falls 0.16 % 0.23 % 1 1313 Valley View 0.04 % 0.05 % 3 1386 Willis 0.12 % 0.16 % 3 1314 Van 0.15 % 0.22 % 3 1387 Willow Park 0.12 % 0.12 % 3 1316 Van Alstyne 0.08 % 0.12 % 3 1388 Wills Point 0.11 % 0.20 % 3 1318 Van Horn 0.14 % 0.17 % 3 1390 Wilmer 0.14 % 0.16 % 3 1320 Vega 0.16 % 0.20 % 3 1392 Wimberley 0.25 % 0.27 % 3 1324 Venus 0.10 % 0.12 % 1 1393 Windcrest 0.16 % 0.20 % 3 1326 Vernon 0.16 % 0.31 % 3 1395 Winfield 0.12 % 0.12 % 3 1328 Victoria 0.11 % 0.17 % 3 1396 Wink 0.22 % 0.24 % 3 1329 Vidor 0.13 % 0.19 % 3 1398 Winnsboro 0.16 % 0.25 % 3 1500 Village Fire Department 0.11 % 0.13 % 3 1399 Winona 0.10 % 0.14 % 3 1330 Waco 0.15 % 0.22 % 1 1400 Winters 0.19 % 0.39 % 3 1332 Waelder 0.19 % 0.29 % 3 1403 Wolfforth 0.15 % 0.17 % 3 1334 Wake Village 0.23 % 0.36 % 3 1409 Woodcreek 0.09 % 0.15 % 3 1336 Waller 0.25 % 0.31 % 3 1404 Woodsboro 0.09 % 0.10 % 3 1337 Wallis 0.16 % 0.20 % 3 1406 Woodville 0.14 % 0.21 % 3 1338 Walnut Springs 0.10 % 0.14 % 3 1407 Woodway 0.14 % 0.17 % 3 1340 Waskom 0.16 % 0.19 % 3 1408 Wortham 0.12 % 0.12 % 3 1341 Watauga 0.14 % 0.17 % 3 1410 Wylie 0.10 % 0.11 % 3 1342 Waxahachie 0.14 % 0.18 % 3 1412 Yoakum 0.18 % 0.26 % 3 1344 Weatherford 0.14 % 0.17 % 3 1414 Yorktown 0.20 % 0.38 % 3 1345 Webster 0.16 % 0.19 % 3 1415 Zavalla 0.08 % 0.14 % 1 1346 Weimar 0.21 % 0.36 % 3 *Codes indicating provision adopted as of April 1, 2016: 1= None, 2 = Actives only, 3 = Actives and Retirees Page 8 of 8 SECTION 6 SUMMARY OF ACTUARIAL ASSUMPTIONS AND METHODS Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 Section 6 Texas Municipal Retirement System ("TMRS") Summary of Actuarial Assumptions These actuarial assumptions were developed primarily from the actuarial investigation of the experience of TMRS over the four year period from January 1, 2010 to December 31, 2014. They were adopted in 2015 and first used in the December 31, 2015 actuarial valuation. The post-retirement mortality assumption for healthy annuitants and Annuity Purchase Rate (APRs) are based on the Mortality Experience Investigation Study covering 2009 through 2011 and dated December 31, 2013. In conjunction with these changes first used in the December 31, 2013 valuation, the System adopted the Entry Age Normal actuarial cost method and a one-time change to the amortization policy. These assumptions apply to both the Pension Trust and the Supplemental Death Benefits Fund as applicable. L Economic Assumptions GR A. General Inflation — General Inflation is assumed to be 2.50% per year. B. Discount/Crediting Rates 1. System -wide Investment Return Assumption: 6.75% per year, compounded annually, composed of an assumed 2.50% inflation rate and a 4.25% net real rate of return. This rate represents the assumed return, net of all investment and administrative expenses. This is the discount rate used to value the liabilities of the individual employers. 2. For the Supplemental Death Benefits Fund, the rate is 4.25% per year, compounded annually, and derived as a blend of 5.00% for the portion of the benefits financed by advance funding contributions and a short-term interest rate for the portion of the benefits financed by current contributions. 3. Assumed discount/crediting rate for Supplemental Disability Benefits Fund and individual employee accounts: an annual rate of 5.00% for (1) accumulating prior service credit and updated service credit after the valuation date, (2) accumulating the employee current service balances, (3) determining the amount of the monthly benefit at future dates of retirement or disability, and (4) calculating the actuarial liability of the system -wide Supplemental Disability Benefits Fund. 2 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 GR C. Overall Payroll Growth — 3.00% per year, which is used to calculate the contribution rates for the retirement plan of each participating city as a level percentage of payroll. This represents the expected increase in total payroll. This increase rate is solely due to the effect of wage inflation on salaries, with no allowance for future membership growth. However, for cities with a decrease in the number of contributing members from 2005 to 2014, the payroll growth is decreased by half the annual percentage decrease in the count capped at a 1.0% decrease per year and rounded down to the nearest 0.1 %. D. Individual Salary Increases — Salary increases are assumed to occur once a year, on January 1. Therefore, the pay used for the period year following the valuation date is equal to the reported pay for the prior year, increased by the salary increase assumption. Salaries are assumed to increase by the following graduated service -based scale. Years of Service Rate 1 10.50% 2 7.50% 3 7.00% 4 6.50% 5 6.00% 6 5.50% 7 5.25% 8-10 4.75% 11 4.50% 12-13 4.25% 14-16 4.00% 17-24 3.75% 25+ 3.50% E. Annuity Increase — The Consumer Price Index (CPI) is assumed to be 2.50% per year prospectively. Annuity Increases, when applicable, are 30%, 50%, or 70% of CPI, according to the provisions adopted by each city. The actual future COLA assumptions are as follows: 0.87% per year for the 30% CPI provision, 1.38% per year for the 50% CPI provision, and 1.86% per year for the 70% CPI provision. 3 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 IL Demographic Assumptions A. Termination Rates GRS 1. For the first 10 years of service, the base table rates vary by gender, entry age, and length of service. For each city the base table is then multiplied by 75% to 125%. A further multiplier is applied depending on an employee's classification: 1) Fire - 63%, 2) Police - 88%, or 3) Other - 108%. A sample of the base rates follows: Males Age 0 1 2 3 Service 4 5 6 7 8 9 20 0.2920 0.2623 0.2186 0.1932 0.1850 0.1673 0.1529 0.1243 0.1022 0.0816 25 0.2653 0.2269 0.1812 0.1554 0.1429 0.1267 0.1148 0.1006 0.0926 0.0757 30 0.2451 0.2052 0.1610 0.1322 0.1079 0.0998 0.0896 0.0774 0.0744 0.0621 35 0.2505 0.2070 0.1577 0.1265 0.1050 0.0994 0.0848 0.0719 0.0621 0.0567 40 0.2467 0.2060 0.1561 0.1213 0.1046 0.0943 0.0805 0.0710 0.0601 0.0577 45 0.2268 0.1934 0.1556 0.1220 0.1053 0.0926 0.0813 0.0711 0.0605 0.0575 50 0.2078 0.1731 0.1412 0.1149 0.1016 0.0887 0.0807 0.0716 0.0604 0.0578 55 0.2003 0.1668 0.1265 0.1074 0.0861 0.0864 0.0771 0.0682 0.0609 0.0560 60 0.1999 0.1542 0.1231 0.1060 0.0790 0.0868 0.0753 0.0683 0.0571 0.0549 65 0.2000 0.1463 0.1238 0.1063 0.0803 0.0867 0.0757 0.0700 0.0547 0.0551 70 0.2000 0.1477 0.1237 0.1063 0.0802 0.0867 0.0756 0.0697 0.0551 0.0551 Females Age 0 1 2 3 Service 4 5 6 7 8 9 20 0.3030 0.2790 0.2221 0.2098 0.1997 0.2021 0.1536 0.1539 0.1564 0.1574 25 0.2782 0.2409 0.2067 0.1962 0.1710 0.1663 0.1369 0.1352 0.1186 0.1125 30 0.2574 0.2188 0.1949 0.1762 0.1347 0.1348 0.1276 0.1126 0.0973 0.0804 35 0.2424 0.2118 0.1805 0.1438 0.1273 0.1238 0.1112 0.1085 0.1000 0.0769 40 0.2244 0.1993 0.1614 0.1342 0.1295 0.1097 0.1023 0.0924 0.0834 0.0733 45 0.2191 0.1853 0.1427 0.1337 0.1054 0.1017 0.0894 0.0784 0.0705 0.0725 50 0.2201 0.1793 0.1347 0.1229 0.0886 0.0881 0.0823 0.0723 0.0675 0.0617 55 0.2200 0.1738 0.1350 0.1199 0.0834 0.0806 0.0713 0.0705 0.0685 0.0551 60 0.2200 0.1523 0.1350 0.1172 0.0798 0.0843 0.0646 0.0639 0.0429 0.0379 65 0.2200 0.1431 0.1350 0.1150 0.0800 0.0857 0.0667 0.0593 0.0276 0.0280 70 0.2200 0.1447 0.1350 0.1154 0.0800 0.0854 0.0664 0.0601 0.0303 0.0298 11 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 2. After 10 years of service, base termination rates vary by gender and by the number of years remaining until first retirement eligibility. For each city the base table is then multiplied by 75% to 125%. A further multiplier is applied depending on an employee's classification: 1) Fire — 52%, 2) Police — 79%, or 3) Other — 115%. A sample of the base rates follows: Years from Retirement Male Female 1 1.72% 2.20% 2 2.29% 2.97% 3 2.71% 3.54% 4 3.06% 4.01% 5 3.35% 4.41% 6 3.61% 4.77% 7 3.85% 5.10% 8 4.07% 5.40% 9 4.28% 5.68% 10 4.47% 5.94% 11 4.65% 6.19% 12 4.82% 6.43% 13 4.98% 6.66% 14 5.14% 6.87% 15 5.29% 7.08% Termination rates end at first eligibility for retirement B. Forfeiture Rates (Withdrawal of Member Deposits from TMRS) for vested members vary by age and employer match, and they are expressed as a percentage of the termination rates shown in (A). The withdrawal rates for cities with a 2 -to -1 match are shown below. 4% is added to the rates for 1 -1/z - to -1 cities, and 8% is added for 1 -to -1 cities. Forfeiture rates end at first eligibility for retirement. GRS 5 Percent of Terminating Employees Choosing to Age Take a Refund 25 41.2% 30 41.2% 35 41.2% 40 38.0% 45 32.6% 50 27.1% 55 21.7% Forfeiture rates end at first eligibility for retirement. GRS 5 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 GR C. Service Retirees and Beneficiary Mortality Rates For calculating the actuarial liability and the retirement contribution rates, the Gender -distinct RP2000 Combined Healthy Mortality Tables with Blue Collar Adjustment are used with male rates multiplied by 109% and female rates multiplied by 103%. The rates are projected on a fully generational basis by scale BB to account for future mortality improvements. D. Disabled Annuitant Mortality Rates For calculating the actuarial liability and the retirement contribution rates, the Gender -distinct RP2000 Combined Healthy Mortality Tables with Blue Collar Adjustment are used with male rates multiplied by 109% and female rates multiplied by 103% with a 3 year set -forward for both males and females. In addition, a 3% minimum mortality rate will be applied to reflect the impairment for younger members who become disabled. The rates are projected on a fully generational basis by scale BB to account for future mortality improvements subject to the 3% floor. E. Pre -Retirement Mortality For calculating the actuarial liability and the retirement contribution rates, the Gender -distinct RP2000 Combined Healthy Mortality Tables with Blue Collar Adjustment are used with male rates multiplied by 54.5% and female rates multiplied by 51.5%. The rates are projected on a fully generational basis by scale BB to account for future mortality improvements. F. Annuity Purchase Rates For determining the amount of the monthly benefit at the time of retirement for both healthy and disabled annuitants, the annuity purchase rates (APRs) for 2014 are based on the UP -1984 Table with an age setback of two years for retirees and an age setback of eight years for beneficiaries. Beginning in 2027 the APRs will be based on a unisex blend of the RP - 2000 Combined Healthy Mortality Tables with Blue Collar Adjustment for males and females with both male and female rates multiplied by 107.5% and projected on a fully generational basis with scale BB. For members, a unisex blend of 70% of the males table and 30% of the female table is used, while 30% of the male table and 70% of the female table is used for beneficiaries. From 2015 through 2026, the fully generational APRs will be phased into. on Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 G. Disability Rates Age Males & Females 20 0.000004 25 0.000025 30 0.000099 35 0.000259 40 0.000494 45 0.000804 50 0.001188 55 0.001647 60 0.002180 65 0.002787 H. Service Retirement Rates, applied to both Active and Inactive Members The base table rates vary by gender, entry age group, and age. For members under age 62, these base rates are then multiplied by 2 factors based on 1) employee contribution rate and employer match and 2) if the city has a recurring COLA. GRS Age Males Entry Age Groups Ages 32 Ages Ages 48 & Under 33-47 & Over Females Entry Age Groups Ages 32 Ages Ages 48 & Under 33-47 & Over 40-44 0.06 - - 0.06 - - 45-49 0.06 - - 0.06 - - 50-52 0.08 - - 0.08 - - 53 0.08 0.10 - 0.08 0.10 - 54 0.08 0.10 - 0.11 0.10 - 55-59 0.14 0.10 - 0.11 0.10 - 60 0.20 0.15 0.10 0.14 0.15 0.10 61 0.25 0.30 0.20 0.28 0.26 0.20 62 0.32 0.25 0.12 0.28 0.17 0.12 63 0.32 0.23 0.12 0.28 0.17 0.12 64 0.32 0.35 0.20 0.28 0.22 0.20 65 0.32 0.32 0.20 0.28 0.27 0.20 66-69 0.22 0.22 0.17 0.22 0.22 0.17 70-74 0.20 0.22 0.25 0.22 0.22 0.25 75 and over 1.00 1.00 1.00 1.00 1.00 1.00 Note: For cities without a 20-year/any age retirement provision, the rates for entry ages 32 and under are loaded by 20% for ages below 60. 7 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 Plan Design Factors Applied to Base Retirement Rates Recurring COLA: 100% No Recurring COLA: 90% III. Methods and Assumptions GR A. Valuation of Assets — The actuarial value of assets is based on the market value of assets with a ten-year phase-in of actual investment return in excess of (less than) expected investment income. Offsetting unrecognized gains and losses are immediately recognized, with the shortest remaining bases recognized first and the net remaining bases continue to be recognized on their original timeframe. The actuarial value of assets is further adjusted by 33% of any difference between the initial value and a 15% corridor around the market value of assets, if necessary. For the purpose of determining the UAAL and annual required contribution associated with the Supplemental Death Trust, assets are valued at the Fund Value. B. Actuarial Cost Method: The actuarial cost method being used is known as the Entry Age Normal Actuarial Cost Method. The Entry Age Normal Actuarial Cost Method develops the annual cost of the Plan in two parts: that attributable to benefits accruing in the current year, known as the normal cost, and that due to service earned prior to the current year, known as the amortization of the unfunded actuarial accrued liability. The normal cost and the actuarial accrued liability are calculated individually for each member. The normal cost rate for an employee is the contribution rate which, if applied to a member's compensation throughout their period of anticipated covered service with the municipality, would be sufficient to meet all benefits payable on their behalf. The normal cost is calculated using an entry age based on benefit service with the current city. If a member has additional time -only vesting service through service with other TMRS cities or other public agencies, they retain this for determination of benefit eligibility and decrement rates. The salary -weighted average of these rates is the total normal cost rate. The unfunded actuarial accrued liability reflects the difference between the portion of projected benefits attributable to service credited prior to the valuation date and assets already accumulated. The unfunded actuarial accrued liability is paid off in accordance with a specified amortization procedure outlined in C below. n. Employee Contribution Rate Employer Match 5% 6% 7% 1 - 1 0.75 0.80 0.84 1.5 - 1 0.81 0.86 0.92 2 - 1 0.86 0.93 1.00 Recurring COLA: 100% No Recurring COLA: 90% III. Methods and Assumptions GR A. Valuation of Assets — The actuarial value of assets is based on the market value of assets with a ten-year phase-in of actual investment return in excess of (less than) expected investment income. Offsetting unrecognized gains and losses are immediately recognized, with the shortest remaining bases recognized first and the net remaining bases continue to be recognized on their original timeframe. The actuarial value of assets is further adjusted by 33% of any difference between the initial value and a 15% corridor around the market value of assets, if necessary. For the purpose of determining the UAAL and annual required contribution associated with the Supplemental Death Trust, assets are valued at the Fund Value. B. Actuarial Cost Method: The actuarial cost method being used is known as the Entry Age Normal Actuarial Cost Method. The Entry Age Normal Actuarial Cost Method develops the annual cost of the Plan in two parts: that attributable to benefits accruing in the current year, known as the normal cost, and that due to service earned prior to the current year, known as the amortization of the unfunded actuarial accrued liability. The normal cost and the actuarial accrued liability are calculated individually for each member. The normal cost rate for an employee is the contribution rate which, if applied to a member's compensation throughout their period of anticipated covered service with the municipality, would be sufficient to meet all benefits payable on their behalf. The normal cost is calculated using an entry age based on benefit service with the current city. If a member has additional time -only vesting service through service with other TMRS cities or other public agencies, they retain this for determination of benefit eligibility and decrement rates. The salary -weighted average of these rates is the total normal cost rate. The unfunded actuarial accrued liability reflects the difference between the portion of projected benefits attributable to service credited prior to the valuation date and assets already accumulated. The unfunded actuarial accrued liability is paid off in accordance with a specified amortization procedure outlined in C below. n. Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 GR C. Amortization Policy: For "underfunded" cities with twenty or more employees, the amortization as of the valuation date is a level percentage of payroll over a closed period using the process of "laddering". Bases that existed prior to this valuation continue to be amortized on their original schedule. Beginning January 1, 2016, all new experience losses are amortized over individual periods of not more than 25 years. Previously, some cities amortized their losses over a 30 year period. New gains (including lump sum contributions) are offset against and amortized over the same period as the current largest outstanding loss base for the specific City which in turn decreases contribution rate volatility. Once a City reaches an "overfunded" status, all prior non ad hoc bases are erased and the surplus for overfunded cities is amortized over a 25 year open period. Ad hoc benefit enhancements are amortized over individual periods using a level dollar policy. The period will be based on the minimum of 15 years or the current life expectancy of the covered group. For the December 31, 2013 actuarial valuation, there was a one-time change in the amortization policy for underfunded cities implemented in conjunction with the changes to the assumptions and cost method to minimize rate volatility associated with these changes. An initial ARC was developed using the methodology described above. For cities with a decrease in the rate compared to the rate calculated prior to changes, the amortization period for all non -ad hoc bases was shortened enough to keep the rates stable (if possible). Cities with an increase of more than 0.50% were allowed to extend the amortization periods for non -ad hoc bases up to 30 years to keep the full contribution rate from increasing. For cities with an increase of 0.50% or less, the amortization periods for all non -ad hoc bases could be extended to 25 years to keep the rate from increasing. The amortization period calculated in the prior steps was then rounded up to the nearest integer to calculate the final full contribution rate. For the purpose of determining the annual required contribution associated with the Supplemental Death Trust, the amortization of the UAAL is done using a 25 year open period. D. Small City Methodology — For cities with fewer than twenty employees, more conservative methods and assumptions are used. First, lower termination rates are used for smaller cities, with maximum multipliers of 75% for employers with less than 6 members, 85% for employers with 6 to 10 members, 100% for employers with 11 to 15 members, and 115% for employers with less than 100 members. I Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 There is also a load on the life expectancy for employers with less than 15 active members. The life expectancy will be loaded by decreasing the mortality rates by 1% for every active member less than 15. For example, an employer with 5 active members will have the baseline mortality tables multiplied by 90% (10 active members times 1%). For underfunded plans, the maximum amortization period for amortizing gains and losses is decreased from current levels by 1 year for each active member less than the 20 member threshold. For example, an employer with 8 active members and a current maximum amortization period of 25 will use (25-(20-8)) = 13 year amortization period for the gain or loss in that year's valuation. Under this policy, the lowest amortization period will be 25-(20-1) = 6 years. Once the plan is overfunded, the amortization period will revert back to the standard 25 years. E. Supplemental Death Benefit — The contribution rate for the Supplemental Death Benefit (SDB) is equal to the expected benefit payments during the upcoming year divided by the annualized pay of current active members and is calculated separately for actives and retirees. Due the significant reserve in the Supplemental Death Trust, the SDB rate for retiree coverage is currently only one-third of the total term cost. IV. Other Assumptions 1. Valuation payroll (used for determining the amortization contribution rate): An exponential average of the actual salaries paid during the prior fiscal years, with 33% weight given to the most recent year and 67% weight given to the expected payroll for the previous fiscal year, moved forward with one year's payroll growth rate and adjusted for changes in population. 2. Individual salaries used to project benefits: For members with more than three years of service, actual salaries from the past three fiscal years are used to determine the USC final average salary as of the valuation date. For future salaries, this three-year average is projected forward with two years of salary scale to create the salary for the year following the valuation. This value is then projected with normal salary scales. 3. Timing of benefit payments: Benefit payments are assumed to be made in the middle of the month. Although TMRS benefits are paid at the end of the month, eligibility for that payment is determined at the beginning of the month. A middle of month payment approximates the impact of the combination of eligibility determination and actual payment timing. 4. Percent married: 100% of the employees are assumed to be married. GR 10 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 GR 5. Age difference: Male members are assumed to be three years older than their spouses, and female members are assumed to be three years younger than their spouses. 6. Optional Forms: Healthy members are assumed to choose a life only benefit when they retire. Disabled members are assumed to select a 50% Joint and Survivor option when they retire. 7. Percent electing annuity on death (when eligible): For vested members not eligible for retirement, 75% of the spouses of male members and 70% of the spouses of female members are assumed to commence an immediate benefit in lieu of a deferred annuity or a refund. Those not electing an immediate benefit are assumed to take a refund. All of the spouses of married participants who die after becoming eligible for a retirement benefit are assumed to elect an annuity that commences immediately. 8. Partial Lump Sum Utilization: It is assumed that each member at retirement will withdraw 40% of their eligible account balance. 9. Inactive Population: All non -vested members of a city are assumed to take an immediate refund if they are not contributing members in another city. Vested members not contributing in another city are assumed to take a deferred retirement benefit, except for those who have terminated in the past 12 months for whom one year of forfeiture probability is assumed. The forfeiture rates for inactive members of a city who are contributing members in another city are equal to the probability of termination multiplied by the forfeiture rates shown in II(A) and II(B) respectively. These rates are applied each year until retirement eligibility. Once a member is retirement eligible, they are assumed to commence benefits based on the service retirement rates shown in II(H). 10. There will be no recoveries once disabled. 11. No surviving spouse will remarry and there will be no children's benefit. 12. Decrement timing: Decrements of all types are assumed to occur mid -year. 13. Eligibility testing: Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. 14. Decrement relativity: Decrement rates are used directly from the experience study, without adjustment for multiple decrement table effects. 11 Texas Municipal Retirement System Section 6 Actuarial Valuation as of December 31, 2015 15. Incidence of Contributions: Contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. 16. Benefit Service: All members are assumed to accrue 1 year of eligibility service each year. 17. The decrement rates for service related decrements are based on total TMRS eligibility service. V. Participant Data GR Participant data was supplied in electronic text files. There were separate files for (i) active and inactive members, and (ii) members and beneficiaries receiving benefits. The data for active members included birthdate, gender, service with the current city and total vesting service, salary, employee contribution account balances, as well as the data used in the next calculation of the Updated Service Credit (USC). For retired members and beneficiaries, the data included date of birth, gender, spouse's date of birth (where applicable), amount of monthly benefit, date of retirement, form of payment code, and aggregate increase in the CPI that will be used in the next calculation of the cost of living adjustment. To the extent possible we have made use of all available data fields in the calculation of the liabilities stated in this report. Actual CPI is used to model the wear -away effect or "catch-up" when a city changes its COLA provisions. Adjustments are made for members who have service both in a city with "20 and out" retirement eligibility and one that hasn't adopted it to calculate the earliest possible retirement date. Salary supplied for the current year was based on the annualized earnings for the year preceding the valuation date. Assumptions were made to correct for missing, bad, or inconsistent data. These had no material impact on the results presented. 12 I ti • '• _ • Texas Municipal Retirement System Section 7 Actuarial Valuation as of December 31, 2015 Section 7 Texas Municipal Retirement System Summary of Plan Benefit Provisions The plan provisions are adopted by the governing body of each city, within the options available in the state statutes governing TMRS. Members in most cities can retire at age 60 and above with 5 or more years of service or with 20 years of service regardless of age. Some cities have elected retirement eligibility at age 60 with 10 years of service and/or with 25 years of service regardless of age. Most plans also provide death benefits and all provide disability benefits. Effective January 1, 2002, members are vested after 5 years, unless a city opted to maintain 10 - year vesting. Members may work for more than one TMRS city during their career. If an individual has become vested in one TMRS city, he or she is immediately vested upon employment with another TMRS city. Similarly, once a member has met the eligibility requirements for retirement in a TMRS city, he or she is eligible in other TMRS cities as well. Upon retirement, benefits depend on the sum of the employee's contributions, with interest, and the city -financed monetary credits, with interest. City -financed monetary credits are composed of three sources: prior service credits, current service credits, and updated service credits. The available member deposit rates are 5%, 6%, or 7% (some cities were grandfathered at a 3% rate), while the city's matching ratio will be 100%, 150%, or 200%. The balance at the beginning of each year is granted an interest credit as determined by the Board (employee account balances are guaranteed at least 5% interest). • Prior Service Credits: At the inception of each city's plan, the city granted monetary credits for service rendered before the plan began of a percentage, adopted by the city, of a theoretical amount at least equal to two times what would have been contributed by the employee, with interest (3% annual), prior to establishment of the plan. • Current Service Credits: Monetary credits for service since each plan began are a percent of the employee's accumulated contributions based on the city's matching rate in effect at the time the employee contributions are made. • Updated Service Credit (USC): This monetary credit is determined by recalculating the member's account balance by assuming that the current member deposit rate of the currently employing city has always been in effect to create a hypothetical balance. The computation also assumes that the member's salary has always been the member's average salary during the 36 -month period ending 13 months before the effective date of calculation. This hypothetical account balance is increased by 3% each year (not the actual interest credited to member accounts in previous years), and increased by the city match currently in effect. The resulting sum is then compared to the member's actual GRS 1 Texas Municipal Retirement System Section 7 Actuarial Valuation as of December 31, 2015 account balance increased by the actual city match and actual interest credited. If the hypothetical balance exceeds the actual balance and the difference between them exceeds the current USC or Prior Service Credit, the member is granted a monetary credit (the new USC) equal to the difference between the hypothetical balance and the actual balance. The calculation may be done on a repeating or an ad hoc basis. At retirement, the benefit is calculated as if the sum of the employee's contributions with interest and the city -financed monetary credits with interest were used to purchase an annuity. Members may choose to receive their retirement benefit in one of seven payment options: retiree life only; one of three lifetime survivor options; or one of three guaranteed term options. Members may also choose to receive a portion of their benefit as a Partial Lump Sum Distribution (PLSD) in an amount equal to 12, 24, or 36 monthly payments under the retiree life only option, which cannot exceed 75% of the total member deposits and interest. A member city may elect to increase the annuities of its retirees, either annually or on an annually repeating basis, effective January 1 of a calendar year. Cities may adopt annuity increases at a rate equal to either 30%, 50%, or 70% of the increase (if any) in the Consumer Price Index all Urban Consumers (CPI -U) between the December preceding the member's retirement date and the December 13 months before the effective date of the increase, minus any previously granted increases. GR 2 Section 7 Texas Municipal Retirement System Summary of Benefit Provision Changes Reflected in 12/31/2015 Valuation CITY Changes Brenham 1) Granted 100% ad hoc USC with transfer. 2) Granted 70% ad hoc COLA. Brownsville PUB Increased municipal matching ratio from 1.5 - 1 to 2 - 1. Brownwood Public Library Adopted restricted prior service credit. * Bullard Adopted 20 yr, any age retirement eligibility. Caddo Mills 1) Increased employee contribution rate from 5% to 6%. 2) Increased municipal matching ratio from 1.5 - 1 to 2 - 1. Cedar Park Adopted 30% repeating COLA Clarendon 1) Increased employee contribution rate from 5% to 7%. 2) Increased statutory max to 9.50% due to plan changes. Corpus Christi 1) Granted 100% ad hoc USC. 2) Granted 70% ad hoc COLA. Cumby Adopted restricted prior service credit. " Dekalb 1) Increased employee contribution rate from 6% to 7%. 2) Increased statutory max to 9.50% due to plan changes. Del Rio Increased municipal matching ratio from 1 - 1 to 2 - 1. Devine Increased municipal matching ratio from 1 - 1 to 1.5 - 1. Donna 1) Adopted buy-back provision. * 2) Increased employee contribution rate from 5% to 6%. 3) Increased municipal matching ratio from 1.5 - 1 to 2 - 1. 4) Increased statutory max to 12.50% due to plan changes. 5) Rescinded 70% repeating COLA 6) Rescinded supplemental death benefits for actives and retirees. Elgin 1) Increased employee contribution rate from 6% to 7%. 2) Removed statutory max. Eustace Granted 100% ad hoc USC. Falfurrias 1) Increased municipal matching ratio from 1 - 1 to 1.5 - 1. 2) Increased statutory max to 9.50% due to plan changes. Farmers Branch Adopted buy-back provision. * Fate Adopted restricted prior service credit. " Floydada Increased municipal matching ratio from 1.5 - 1 to 2 - 1. Godley Adopted 20 yr, any age retirement eligibility. Groesbeck Adopted restricted prior service credit. * Hemphill 1) Increased municipal matching ratio from 1.5 - 1 to 2 - 1. 2) Increased statutory max to 11.50% due to plan changes. Hooks 1) Increased employee contribution rate from 5% to 7%. 2) Increased municipal matching ratio from 1 - 1 to 2 - 1. 3) Increased statutory max to 13.50% due to plan changes. Humble 1) Decreased repeating USC from 100% to 50%. 2) Increased employee contribution rate from 6% to 7%. Hutchins Adopted 20 yr, any age retirement eligibility. Joshua Adopted restricted prior service credit. * Kaufman Decreased repeating COLA from 70% to 30%. Kemp 1) Adopted buy-back provision. * 2) Increased municipal matching ratio from 1 - 1 to 2 - 1. 3) Increased statutory max to 11.50% due to plan changes. Killeen Granted 100% ad hoc USC with transfer. Kyle Adopted 5 year vesting. La Marque 1) Increased employee contribution rate from 5% to 7%. 2) Removed statutory max. Lacy -Lakeview Removed statutory max. Lake Worth Removed statutory max. Liberty Hill Increased municipal matching ratio from 1 - 1 to 2 - 1. Llano 1) Increased municipal matching ratio from 1.5 - 1 to 2 - 1. 2) Removed statutory max. Marion jAclopted restricted prior service credit. " * Reflects possible rate impact. No change to current rate. Section 7 Texas Municipal Retirement System Summary of Benefit Provision Changes Reflected in 12/31/2015 Valuation CITY Changes McAllen Granted 100% ad hoc USC with transfer. Meadows Place 1) Granted 100% ad hoc USC. 2) Granted 70% ad hoc COLA. Mesquite 1) Granted 100% ad hoc USC with transfer. 2) Granted 50% ad hoc COLA. Missouri City 1) Granted 100% ad hoc USC with transfer. 2) Granted 70% ad hoc COLA. New Summerfield 1) Increased municipal matching ratio from 1 - 1 to 2 - 1. 2) Increased statutory max to 13.50% due to plan changes. Palmhurst 1) Increased employee contribution rate from 5% to 7%. 2) Increased municipal matching ratio from 1 - 1 to 2 - 1. Pflugerville Removed statutory max. Point 1) Increased municipal matching ratio from 1 - 1 to 2 - 1. 2) Increased statutory max to 13.50% due to plan changes. Port Neches Granted 30% ad hoc COLA. San Antonio Granted 70% ad hoc COLA. Seguin Granted 70% ad hoc COLA. Sour Lake 1) Increased employee contribution rate from 5% to 7%. 2) Increased municipal matching ratio from 1 - 1 to 2 - 1. 3) Increased statutory max to 13.50% due to plan changes. Spur Granted 70% ad hoc COLA. Sudan 1) Granted 100% ad hoc USC with transfer. 2) Granted 70% ad hoc COLA. Sulphur Springs Granted 100% ad hoc USC with transfer. Taft Adopted restricted prior service credit. " Tahoka Granted 100% ad hoc USC. Tex Municipal League IEBP Granted 100% ad hoc USC. Tex Municipal League IRP Added transfer provision to repeating USC. Thrall Increased municipal matching ratio from 1 - 1 to 1.5 - 1. Three Rivers Adopted restricted prior service credit. * Trinity Adopted 20 yr, any age retirement eligibility. Troy 1) Increased employee contribution rate from 6% to 7%. 2) Increased statutory max to 13.50% due to plan changes. Vernon 1) Decreased repeating COLA from 70% to 30%. 2) Decreased repeating USC from 100% to 75%. Weslaco 1) Granted 30% ad hoc COLA. 2) Granted 50% ad hoc USC with transfer. * Reflects possible rate impact. No change to current rate. s o z a a o a m 6 c6 m x x mxa � a z z m d a z o a Im a ° z ro ca z o z ro w ca �i y.�' H 4.1 F� 0� F' N O z . o � w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 F G� Wb p Q O \ O .p m m.4� o 0 9 MU- Vl -� iv m o z a o a m 6 c6 m x mxa z z m d a z o a Im ° z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 oar 90000 ¢¢ 92"-A�� o z z z z 3 c» c» 00 w v ¢S va c» w v z z z z c6 x z 1. 9 9 9 9 9 ¢ 9 z o z a M z s a z ro ca ca z o � o � �i y.�' �[❑❑ H F� 0� F' N O m F N H ° F �i . ❑�[❑ n�2 F \ G� Wb p Q O O .p m m.4� o 0 p o �' .� o .��' .p N 9 MU- �O o41 Vl -� iv m oar 90000 ¢¢ 92"-A�� z z c» c» w v z z 9 9 9 9 9 ¢ 9 z o M z z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 ��m 0000000 �o�o�� m z w z ml 11 1 m z o x w z z x Eco l N v ml ml m co z o 16 la� ro ro ca z z � o � w �i y.�' H 4.1 F� 0� F' N O �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 w ro C A .o u� F G� Wb p.4� .pEO o 0 O '� W x0. p W z z z Q Q Vl -� iv m z w ml 11 1 m z o x w z z x l N v ml ml z o ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .o u� p �' 90 �O C� o41 '� W x0. p W z z z Q Q z z 0 0 0 0 0 0 z ~ EN 12 z z v w� m z z z o s m N a n N a �M z m o 0 0 0 0 0 0 xx IM z ° w Ix ro ca z ro o ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . �i y.�' �[❑❑ H F� 0� F' N O m F N A ° F �i . p o �' .� o .��' .p N n�2 �O o41 F G� Wb p Q O \ O .p m m.4� o 0 MU-9 Vl -� iv m z z z EN v m z z s m N a �M z m 0 0 0 0 0 0 xx IM z ° Ix ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 a z z —w s w 0 w m N a N w N o a 0 0 0 0 0 ¢¢ m M w la� � z m �� 000000¢ �M111�� w z 0 0 0 0 0 0 ro ca ca z o � o � �i y.�' �[❑❑ H F� 0� F' N O �i y.�' H 4.1 F� . ❑�[❑ F G� Wb p Q O \ O .p m m.4� o 0 w ro C A .90 A MU-9 p o �' .� o .��' .p N d' "a �O o41 Vl -� iv m z —w o 0 w w z w z 0 0 0 0 0 0 z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 v W v3 F» `^ v mm 16 z z v W Ax Y w o z co c w z o 0 0 0 0 0 0 ml ml z ml ro ca ca z o � o � �i y.�' �[❑❑ H F� 0� F' N O �i y�' H ❑�[❑ � Eo 0 b y Q O\ m m p ro �O o Vl -� Cv m v E W v3 F» `^ v I z W Ax o z co c w ml ro ca z o � w �i y�' H ❑�[❑ Eo .oEO A p �O o o w o z m 's w 11 ml x lai x z z 'w .s va va N v a o w _ o 1 1 1 z z o In z x m 0 0 0 0 0 0 0 m W mx v ro o w z o 0 0 0 0 0 ¢ o m I m Ix ml » lr Iz o ro Q z o w � �i y.�' H 4.1 F� 0� F' N O ❑�[❑ �i y.�' �[❑❑ H F� 0� F' N O p . �O 41 F G� Wb p.4� O .pEO o 0 Vl -� iv In o o z m 11 ml x lai x z z 'w .s va va N v a o w o 0 0 0 0 0 0 In z x W ro Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ p �O 41 ° z — — z z v — o z z o N v w va va — v z z z o Y — — — Z� z v — — m y z z 3 c» c» ca N v z o � ro ca z w o H � 0� F' N O ❑�[❑ . w ro C A .90 A �i y�' �[❑❑ HEo N d' "a �O o41 . F G� Wb p Q O \ O .p m m.4� o 0 9 MU- Vl -� iv In ° z — z z v o z z E N v v z z z o acj— — — z z v m y z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 z z z v 5 z u x a z z v� � z z o v z z Ix o ml Im z c M 0 0 0 0 0 0¢ M m z m m u ro ca o l z z m z ro o ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . �i y.�' �[❑❑ H F� 0� F' N O w ro C A .90 A . p o �' .� o .��' .p N d' "a �O o41 F G� Wb p Q O \ .p m m.4� o 0 O 9 MU- Vl -� iv m z z z v z u z z v� � o u z z w M 0 0 0 0 0 0¢ M m z m m ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 co m 321 v U m d u ml 11 x z z u 1 c6 6 c6 z z z v z v z z v mm 0 0 0 0 0 0 0 m m s° z v z d v II z v m 0 0 0 0 0 z m I ro ca ca z o � o � �i y.�' �[❑❑ H F� 0� F' N O m F N H ° F �i . ❑�[❑ n�2 F G� Wb p Q O \ O .p m m.4� o 0 w ro C A .90 A 9 MU- p o �' .� o .��' .p N d' "a �O o41 Vl -� iv m m v ml v ml 11 x z o cl u 1 z v o m 0 0 0 0 0 0 0 m m s° d v II m 0 0 0 0 0 ¢ o m I z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 v u _ z m z z E° 11 E 41 _ v _ xx u co x _ m E v ml z E » » z m _ _ o o_ _ o s E u U3 U3 `° N V xm Q z O E z O E �i y�' �[❑❑ HEo . w �i y.�' H 4.1 F� F G� Wb p Q O \ O .p m m.4� o 0 9 MU- w ro C A .90 A q E > p o �' .� o .��' .p N d' "a Vl -� iv m v z m v v z E » » m z o s E u U3 U3 `° N V xm Q z O E w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A q E > p o �' .� o .��' .p N d' "a �O o41 z - u - v u xx z z o o mm ox c6z T v - - m 3 N v —— U m 0 0 0 0 0 0¢ x N v o z c4 c4 c6 c6 u — — o v z — H a o z z c — — — ro ca z o � w �i y.�' �[❑❑ H F� 0� F' N O ❑�[❑ . Eo F G� Wb p Q O \ .p m m.4� o 0 O �O o 9 MU- Vl -� iv m z - xx z o o mm u 3 N v m 0 0 0 0 0 0¢ a o z c4 c4 c6 c6 u — — a u u — ro ca z o � w �i y�' H ❑�[❑ Eo .oEO p �O o v u � — °z a — o z z ,- u � u 14 x m o mx 0 0 0 0 0 0 0 -- z z - A cD° z o u - z z v z o U` U »2 U» ro N v Q Q z o � o � �i y�' �[❑❑ HEo m F N H ° F �i . ❑�[❑ n�2 F G� Wb p.4� O .pEO u� o 0 p o �' .� o .��' .p N d' "a �O o41 Vl -� iv In °z a — o z z ,- G �N a 14 - m z z - A cD° z z v U »2 U» z N v ro Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .90 u� p o �' .� o .��' .p N d' "a �O o41 a ol Im I z z s w mm a z z N m G a z ca z z a A � x z � m a xx o� 0000000 �Mx��� m In m a z 0 0 0 0 0 0 0 0 x co In m A mx z a A m N Q Q z o � o � �i y.�' �[❑❑ H F� 0� F' N O �i y.�' H 4.1 F� . ❑�[❑ F G� Wb p.4� O .pEO o 0 w ro C A o �' o p .90 u� .p N d' "a �O .� .��' o41 Vl -� iv In z z s a z z N m G a z o z z x o z 2 A v a z 0 0 0 0 0 0 0 0 mx z a A m N Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A o �' o p .90 u� .p N d' "a �O .� .��' o41 a 75 z o a o Y A a mm m z a �� 0000000 m�� ro ca z z o � a z ro ca w �i y�' �[❑❑ HEo o � � 0 Wb p Q O \ .p m m.4� Q o 0 a K'aQM O o a '� P� N° v o a Z �i y.�' N 4.1 F� o ro ❑�[❑ 41 a> Vl -� iv m A z a Im z z z z a z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ a> .o A p 9 �O C�b W 0. 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Cv m 4 1� w � b a a m m w � � z z o a N 0 0 0 0 0 ¢¢ N ° z W w m z W ° w x m z ro w � Q z o ro Q z o w � �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . �i y.�' �[❑❑ H F� 0� F' N O m F N .p ° F �i . �O o41 n�2 F G� b p Q O \ O .p m m.4� o 0 MU-9 Vl -� iv m a w � � z z o a N 0 0 0 0 0 ¢¢ N ° z z W z 'w ° w x m z ro Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 w � EU U z z m w v U w z z � w 6 6 va m m z 3 wva va va xm M 0 0 0 0 0 0¢ N z d Ix Ax m E W Y m z z z su 'w va va N a ro Q E w z N v o � Q z o � �i y�' �[❑❑ HEo . w A p Q O \ O .A m m.4� 4.1 F� o 0 ❑�[❑ MU-9 w ro C A .90 A Vl -� iv In .p N d' "a EU U w � w z � m m z 3 wva va va xm M 0 0 0 0 0 0¢ N z d m w z o w z o E w va va N v ro Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 o w � z o — o m o 0 0 0 o Q oIm w lai � � - z - m z o w� � o z w z z z o - m z -Im- w � - 'sI ml I° - - Eva w � va N v ro Q z o � w �i y.�' �[❑❑ H F� 0� F' N O m A N ° F� �i . n�2 A Wb p Q O \ O .A m m.4� o 0 p o �' .� o .��' .p N MU-9 �O o41 Vl - iv In o w � z o — o m o 0 0 0 o Q oIm w lai � � - z - m z o w� � o z z o - - - 3 c» c» s - - ro Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . W b C A .90 A p o �' .� o .��' .p N d' "a �O o41 z co c o z c� U z z 3 z z c» c» v ml ml I m z z Im z m z Im MM m m M M m 0 0 0 0 0 0 0 m o IxI z z ro ro ca z z � o � w �i y.�' H 4.1 F� 0� F' N O �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 .o A F G� Wb p Q O \ O .p m m.4� o 0 �O MU-9 o41 Vl -� iv m z c� U z z v z z o 0 m M M m 0 0 0 0 0 0 0 m IxI ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . .o A p 9 �O o41 lc�| lc�, - , »:zz;w // \ \\\\�\ ml ) \��\\\�\ : cq Ix MX : ! \\\\\\\\ / \mlM,"mx, :- : : :: arr ml ) ) \ \ \ \ ) ) & ) ( & ( ( \\ ,) Eo \ \,)\ ) \\ ,) �\ \,)\ ¥j241 l 7\ «,(a \. . /�)!\)/ ° 323 ;. ®>);s)4szzz�a\/\�g, e=°, z,��z: \ \°} =;arks,\ /\ 41 =;arks §/ lc�| lc�, - , / ml cq : ) \/}//\®\ arr ml ) \ \ ) & ( ( f.. \\ ,) �\ \,)\ ;; 90 „ °/\\\\ 41 =;arks §/ c� dXM 41 o z g b z � va va m 6 4 6 4 C7 z z E o 0 0 0 0 0 0¢ m N z v 0 0 0 0 0 0 ¢¢ m o c� mm �xlai z z z o Ix c� z z a m M 4 0 0 0 0 0 E � 41 41 z C7 » -1 6 co z z xm 14 c� ro ca z O E w �i y�' �[❑❑ HEo 4.1 F� 0� F' N O ❑�[❑ . F G� \ Wb m m.4� E o p Q O O .p .p N 0 �O 9 MU- o41 Vl -� iv m dXM 41 b z � va va m 6 4 6 4 C7 o 0 0 0 0 0 0¢ m N z M c� z o c� E � C7 z c� ro ca z O E w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A q E > p o �' .� o .��' .p N d' "a �O o41 d c� z z o o c� z z y x z x 11 z z Nml x z z z �o0 00000 0¢ M66 lai x z z z x z mm mx m c6 ro o mm m ca x v z T T� w o � c� ro w ca �i y.�' �[❑❑ H F� 0� F' N O z o � A Wb p Q O \ m m.4� N° Q o 0 a K'aQM o a o a '� v N Z o ro w �i y.�' 41 4.1 F� 0� F' N O ❑�[❑ Vl -� iv In a> o z z x z z v o x z z x z ml x c» c» c» z z x m c6 z z o mm m x v T T� w c� ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ a> .o A p 9 �O ,� b W 0. o C� O d '� v] ' � +�- m ,-. � 41 ,-. Cv In 4 1� z x x 6 T c6 m x ll� 3 o m 0 0 0 0 0 0¢ N m z xU U z m x z x x Y ml 11 x z ro ca z x o � ro ca z w o H � ❑�[❑ . 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IEO p b N O y p .p d N p .� o .�EO �' .p"a �O 41 5 ol z z u m x z x z x o z z m z z z z x m ml ml I n o va va �v v N� ro Q x z ro o � z o � �i y.�' �[❑❑ H F� 0� F' N O . w �i y.�' H 4.1 F G� Wb p Q O \ O .p m m.4� o 0 IEO p b m O y 9 MU- N p .� o .�EO �' .p"a Vl -� iv In 5 u x x z z m n o va va �v v N� x ro Q z o � w �i y.�' H 4.1 ❑�[❑ IEO p b m O y p .p a> N p .� o .�EO �' .p"a �O 41 z x x w m 1, z� om x m o z x m T z z x m z 5 x x ° z Y x 1 z z c� G z z x ro ca z o � w �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 F G� Wb p Q O \ .p m m.4� o 0 O 9 �O o41 9 MU- Vl -� iv In z x 1, z� om x m o z x z z x o x Y x 1 z c� G x ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . .o A p 9 �O o41 z x z 5 x m 3 � mm w m 0 0 0 0 0 0ml sml 11 0 0 0 0 0 ¢ o M 11 m x z o a m z z ml x ro ca x z o � x w ro �i y.�' H ca 0� F' N O ❑�[❑ . z o � w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 F G� Wb p Q O \ O .p m m.4� o 0 9 MU- Vl -� iv m z z w m 3 � o 0 0 0 0 0 ¢ o M 11 m G z o a m z ml ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 5 G 5 5 o 5 z Y 5 z 5 5 va va z m aml IM mx z z m o 0 0 0 0 0 0 0¢ x z s � ro ca 5 z o o � 5 ro ca �i y�' �[❑❑ P4 HEo o � `i � 0 W m m.> o b p Q O\ w 0 QMo a IQ H 4.1 F� Mu- 90 ❑�[❑ 4-1 41 Vl -� Cv m 9 1 G 5 o 5 z z o 5 z m 5 z 5 � z z 5 o z z 5 ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ 4-1 9 1 9 41 ,-. Cv In 4 1� �o� 00000 00 �Mm��� x z x x d 5 z co w m 0 0 0 0 0 0¢ 0 m m o z m ozm a 5 x z 5 5 o m 0 0 0 0 0 0¢ o Ix x z 5 mom 00000 ro �ml I�� Q z o � ro Q z �i y�' �[❑❑ P4 HEo � `i � 0 W b p Q O\ m m.> o 0 QMo a IQ H 4.1 F� Mu- 90 ❑�[❑ 4-1 41 Vl -� Cv m 9 1 �o� 00000 00 �Mm��� z x d x w m 0 0 0 0 0 0¢ 0 m m z m ozm x z o m 0 0 0 0 0 0¢ m Ix x z ° x mom 00000 0¢ �ml I�� z ro Q z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ 4-1 9 1 9 41 ,-. Cv In 4 1� m sx m x `° z z w N o 0 0 0 0 0 z N m z z x x 's x mo 0 0 0 0 0 ¢o m z z x d ro ro ca z z � o � w �i y.�' H 4.1 F� 0� F' N O �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 .o A F G� Wb p Q O \ O .p m m.4� o 0 �O o41 9 MU- Vl -� iv m z sx m x `° z z N o 0 0 0 0 0 ¢¢ N m z z x vIm mo 0 0 0 0 0 ¢o m z x ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . .o A p 9 �O o41 a Ym a �M� c6 00000 00 �Mmm�� P ° z m m a 5 >�M co mm .a m a dz a � M N v z z a " a x x C4 c6 mm Ix 11 x w ro ca ca z o � o � �i y�' �[❑❑ P4 HEo �i y.�' H F��n�� 0� F' N O ❑�[❑ ` 'N � 0 N°EO .4� o 0 IQ N p 9 �O o C� 41 m ,-. 41 Vl -� iv m a Ym a �M� c6 00000 00 �Mmm�� ° z m m a a dz a � M N v z z E " a w ro ca z o � w �i y.�' H p F� 0� F' N O ❑�[❑ .o u� p 9 �O o C� '� v] ' � +�- m ,-. 41 ,-. Cv m 4 1� a z z m 0 0 0 0 0 ¢ o M 3 z N v a z .a co z Y a ml 1 z o a a �Mx,I�� z z m 3 N I z z ro 5 a ca ro z ca o � z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . w ro C A .90 A n�2 p o �' .� o .��' .p N F G� \ Wb m m.4� o p Q O O .p 0 9 MU- Vl -� iv In z z m 0 0 0 0 0 ¢ o M z N v z z o a m z z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 a a z z x 0 a z z a z :a 14 z v 0 o m 0 0 0 0 0 z z N a 'w a I a a 16 16 lr� c6 z o a z z a a ro ca a z o � z z n ro w ca �i y.�' H 4.1 F� 0� F' N O z . o � w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 �i y�' �[❑❑ HEo . 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F G� Wb p Q O \ O .p m m.4� o 0 w 9 MU- �i y.�' H 4.1 F� 0� F' N O ❑�[❑ Vl -� iv m z z w I m z w a z z o o w z m" mMm 0 0 0 0 0 ¢o ml 0 I x ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ .o A p 9 �O o41 w z Y w z z m 's w m mx z o v a Ix a m z � z z w m w lai ml ro ca m z ro o ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . �i y.�' �[❑❑ H F� 0� F' N O m F N A ° F �i . p o �' .� o .��' .p N n�2 �O o41 F \ G� Wb p Q O O .p m m.4� o 0 9 MU- Vl -� iv m w z w z z z m 's w m z o v a Ix m z � w lai ml ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 z a w � m w z z d C6 167 w mm z y M 0 0 0 0 0 0¢ N m N w °z z w m Im m z z b ca z o z o � � z x ro w ca �i y.�' H 4.1 F� 0� F' N O z o � w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 F \ G� Wb p Q O O .p m m.4� o 0 9 MU- Vl -� iv m z a w � m w w y z w °z z Im m ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 'a v3 Eva va �v v v o w OR 0 0 0 0 0 0 0 �� � N 1 a still:1 a 0 0 0 0 0 0 0 1 11 o w 0 0 0 0 ¢¢ �o-o �� _ 1100 z z ; ; w z ct M 0 0 0 0 0 11 _, 1 �10 , a a w° got v z ! 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HI z 1 k Eva va �v v o N� z z ; ; a ro ca z o � �i y.�' H F� 0� F' N O ❑�[❑ z 3 U 00co a c»U o z z m z z z ° N a d m 0 0 0 0 0 0¢ a o P mx m z d c» c» z m z o o � z To d a d z z ro ca ro z ca o � z o � �i y�' �[❑❑ HEo w . �i y.�' H 4.1 F� 0� F' N O ❑�[❑ F G� Wb p Q O \ .p m m.4� o 0 O w ro C A .o A90 MU-9 p �' .� o .��' .p N d' "a �O o41 Vl -� iv In z 3 U 00co a c»U o z m z z ° N a 9 c» c» z o � z To a _ z z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .o A90 p �' .� o .��' .p N d' "a �O o41 z z 0 N a _ z z x _ 14 ll� z z a z z o � � lc� co c a a E Ix ml z �.. m z lal a z ro ro ca z z � o � w �i y.�' H 4.1 F� 0� F' N O �i y�' �[❑❑ HEo . w ro C A .90 A F G� Wb p Q O \ O .p m m.4� N o 0 �O o41 9 MU- Vl -� iv m z z 0 N a z z a z z a z z o � � lc� co c a ml z lal a ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 z z m o 0 0 0 0 0 ¢ o z ol z ml I z z z d m m z z z z z o N ° v y z Y z z z z z z U ro ro ca z z � o � w �i y.�' H 4.1 F� 0� F' N O �i y.�' �[❑❑ H F� 0� F' N O . .o A F G� Wb p Q O \ O .p m m.4� o 0 �O o41 9 MU- Vl -� iv m z z m o 0 0 0 0 0 ¢ o z z z z z 3 � z y z Y z z z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ .o A p 9 �O o41 U z z N �N z z m z H z ml Y z a z a zml w z x - m a z z x ca ro z ca o � z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . �i y.�' �[❑❑ H F� 0� F' N O . w ro C A .90 A p o �' .� o .��' .p N F G� Wb p Q O \ O .p m m.4� o 0 9 MU- Vl -� iv m z z z o H ml Y z z w z a ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . w ro C A .90 A p o �' .� o .��' .p N d' "a �O o41 wva va � v � va va �D z z N v Y41 w 0 0 0 0 0 0 0 m co a r ml cD T m _ N m m m 3 ol � z 1�xx T ml I N a 71 ml .o z z ° mm mm o 0 0 0 0 0 0 ml _ 5 ro I ca z o ro ca z o w � �i y.�' H 4.1 F� 0� F' N O ❑�[❑ d w �i y�' �[❑❑ HEo p 9 �O o C� '� v] ' � +�- m ,-. � \ 0 Wb p Q O O .p m m.4� P� N° Q o 0 a K'aQM o a o a '� v N Z o ro 41 Vl -� iv m w � �D z z N v Y41 w 0 0 0 0 0 0 0 m co r ml T m Ev N m m m ol � N a ml z z lr� c6 16 _ 5 ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ d .o A p 9 �O o C� '� v] ' � +�- m ,-. 4 ,-. 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W z z z Q Q F G� Wb p.4� O .p o 0 z iv In H m In z a z H m �o z m z F. a w 0 0 0 0 0 0 o z H � z m v z 4 x c6 c6 H _ m�x ° z H c6 c6 o m 0 0 0 0 0 ¢¢ I v z z ro ca z o � w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . .o �� p 9 �O o41 W x0. p W z z z Q Q H � I I o E H z z H H o H w T H w H z z o v H Q b m z H z m ohm 00000 ¢o �m���� z o � Y z H w N w m w z a L H �i y.�' m 4.1 F� 0� F' N O ❑�[❑ Q z A q E > O .p E d' "a �O �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . n�2 F G� b p Q O \ .p m m.4� o 0 O MU-9 Vl -� iv m H � I I o v z H z z H H o H w T H w z z EN H v Q z O E w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ w ro C A .90 A q E > p o �' .� o .��' .p N d' "a �O �o� 00000 0¢ �mmo�� z .G c6 4 z 2 � H z z o co m z N z z H m 0 0 0 0 0 ¢¢ Im Ix z z ; H a ro ca z o � ro �i y.�' �[❑❑ H F� 0� F' N O m F N ° F �i . z n�2 o � F \ G� Wb p Q O O .p m m.4� o 0 9 MU- w �i y.�' H 4.1 F� 0� F' N O ❑�[❑ . 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IEO p b N O y p .p a> N pEO �O W 41 x0. p W z z z Q Q \\\\\}\\ \\\\\\\ „ /» //{ ] \\\\\\\x x I I I� \ \\ ) \\\\\\�\ , ®C � }}\ \ ` \/\\\\(\\17 \cD \ ! ` - & ) & ( ( f.. z ` =f \ ,) \ \\ \ /){} ) %.z °=<= 2 «,(a \. . ° ;-,7323 & ) ( ;;=°, : \\ ,) Eo \ \,)\ ) =\\\\} o/) /){} \\» ¥j2} riul 7\ «,(a \. . /�)!\)/ ° 323 ;. ®>);s)4szzz�a\/\�g, e=°, z,��z: \ \°} „ °C\In =z:;E3,\ \/ ) \ \ ) & ( ( f.. z ` =f \ ,) \\ �\ \,)0 /){} %.z °=<= 2 «,(a \. . ° ;-,7323 ;. 4szzz�a\/\�g,° ;;=°, : \\ E =\\\\} \\» z rrzz .z \( \\ )/ k\ ! , / —— e ) ( \ ( � \ ( . ) Denton Firemen's Relief and Retirement Fund as of December 31, 2015 December 016 Rudd and Wisdom, Inc. CONSULTING ACTUARIES Mitchell L. Bilbe, F.S.A. Evan L. Dial, F.S.A. Philip S. Dial, F.S.A. Philip J. Ellis, A.S.A. Charles V. Faerber, F.S.A., A.C.A.S. Mark R. Fenlaw, F.S.A. Board of Trustees Denton Firemen's Relief and Retirement Fund P.O. Box 2375 Denton, Texas 76202 Members of the Board of Trustees: Brandon L. Fuller, A.S.A. Christopher S. Johnson, F.S.A. Oliver B. Kiel, F.S.A. Robert M. May, F.S.A. Edward A. Mire, F.S.A. Rebecca B. Morris, A.S.A. Amanda L. Murphy, F.S.A. Michael J. Muth, F.S.A. Khiem Ngo, F.S.A., A.C.A.S. Elizabeth A. O'Brien, A.S.A. Raymond W. Tilotta Ronald W. Tobleman, F.S.A. David G. Wilkes, F.S.A. December 7, 2016 At the request of the Board of Trustees of the Denton Firemen's Relief and Retirement Fund, we have prepared this report of the results of the actuarial valuation of the fund as of December 31, 2015. This valuation was prepared to determine whether the fund has an adequate contribution arrangement. In a separate report dated July 13, we provided the necessary disclosures for the fund's compliance with the Governmental Accounting Standards Board (GASB) Statement No. 67 for the plan year ending December 31, 2015. Similarly, we will provide a separate report later in December containing the pension expense, net pension liability, and disclosure information for the city's compliance with GASB 68 for the fiscal year ending September 30, 2016. GASB 68 prescribes the city's accounting for your fund, while this actuarial valuation report reflects the assumed continuation of the current funding policy. We certify that we are members of the American Academy of Actuaries who meet Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained in this report. Sincerely, V".X IZ. 44jaw-- Mark R. Fenlaw, F.S.A. Qclec�3. �1mn� Rebecca B. Morris, A.S.A. i:Aclients\firelwd\vals'2016\denton\denton-12-31-15.docx 9500 Arboretum Blvd., Suite 200 Phone: (512) 346-1590 Post Office Box 204209 Austin, Texas 78759 Fax: (512) 345-7437 Austin, Texas 78720-4209 www.ruddwisdom.com DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A'I'IoN AND E,rIREAIE 'r FUND AS oi,' DECEMBER 3I, 2015 TABLE OF CONTENTS SectionI Valuation Summary................................................................................... 1 Section II Key Results of the Actuarial Valuation ................................................... 8 SectionIII Benefit Improvements............................................................................. 10 Exhibit 1 Distribution of Firefighters by Age and Service ................................... 12 Exhibit 2 Summary of Pensioner Data................................................................... 13 Exhibit 2A Firefighter and Pensioner Reconciliation .............................................. 14 Exhibit 3 Breakdown of Pensioners by Monthly Benefit Amounts.....................15 Exhibit 4 Historical Comparison of Actuarial Accrued Liability and ActuarialValue of Assets........................................................................ 16 Exhibit 5 Summary of Asset Data........................................................................... 17 Exhibit 5A Statement of Changes in Assets..............................................................18 Exhibit 6 Development of Actuarial Value of Assets............................................19 Exhibit 7 Historical Comparison of Market and Actuarial Value of Assets......................................................................................................... 20 Exhibit 8 Comparison of Market Value Asset Allocation as of the Prior and Current Actuarial Valuation Dates ...................................... 21 Exhibit 9 Actuarial Methods and Assumptions..................................................... 22 Exhibit 10 Disability Rates, Withdrawal Rates, and Compensation Increases................................................................................................... 26 Exhibit11 Definitions................................................................................................. 27 Exhibit 12 Summary of Present Plan....................................................................... 29 RUDD AND WISDOM, INC. DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A,rioN AND E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 Section I Valuation Summary An actuarial valuation of the assets and liabilities of the Denton Firemen's Relief and Retirement Fund as of December 31, 2015 has been completed. The valuation was based on the Present Plan (plan effective January 1, 2011) and the provisions of the Texas Local Fire Fighters' Retirement Act (TLFFRA) which were in effect on December 31, 2015. Section II shows the summary of key results of the actuarial valuation as of December 31, 2015 and discusses the significant changes since the prior valuation that we prepared as of December 31, 2013. This valuation reflects an actuarially assumed total contribution rate of 28.1%, comprised of 12.6% by the firefighters and 15.5% by the city. The total contribution rate of 28.1% exceeds the normal cost rate of 21.91%, leaving 6.19% available to amortize the unfunded actuarial accrued liability (UAAL) of $17,249,607. Assuming that the total payroll increases at the rate of 3% per year in the future, the contributions in excess of the normal cost will amortize the UAAL in 31.6 years. In order for a retirement plan to have an adequate contribution arrangement, contributions must be made that are sufficient to pay the plan's normal cost and to amortize the plan's UAAL over a reasonable period of time. Based on the current Texas Pension Review Board (PRB) pension funding guidelines, our professional judgment, and the actuarial assumptions and methods used in making this valuation, we consider periods of 15 years to 25 years to be preferable and 40 years to be the maximum acceptable period. Since the total contributions are sufficient to pay the fund's normal cost and to amortize the fund's UAAL within the maximum acceptable period, we are of the opinion that the fund, based on present levels of benefits and contributions, has an adequate contribution arrangement. Section III presents considerations for future benefit improvements. Projected Actuarial Valuation Results In addition to completing this actuarial valuation, we estimated the amortization periods as of December 31, 2017 and as of December 31, 2019 by making projections from the December 31, 2015 actuarial valuation. These projections examine the effect on the amortization period in the next two actuarial valuations of the actuarial investment gains and losses that the fund experienced in the four years prior to the valuation date (losses in 2014 and 2015 and gains in 2012 and 2013) that have been only partially recognized as of December 31, 2015. As shown in Exhibit 6, a smoothing method is used to determine the actuarial value of assets (AVA) for this valuation. This method phases in over a five-year period any investment gains or losses (net actual investment return greater or less than the actuarially assumed investment return) that the fund has had. The AVA used in this current valuation is deferring recognition of various portions of the gains and losses in RUDD AND WISDOM, INC. PAGE I DE 'roN FIREMEN'S RELIEF ACTUARIAL V SLL A,rioN SNIT RE,rIIRAIEN'r FUND AS oi,, DECEMBER 3I, 2015 2012-2015 that the fund experienced. The AVA used in this valuation is $72,693,078. The market value of assets (MVA) is $67,976,717. The $4,716,361 difference between the MVA and the AVA is the net of the deferred gains and losses over the past four years that will be recognized in the next two actuarial valuations. The theory behind the AVA method is to allow time for investment gains and losses to partially offset each other and thereby dampen the volatility associated with the progression of the MVA over time. In practice, the timing and amounts of investment gains and losses can result in irregular effects on the AVA in a given year. However, as intended, the pattern of the AVA is smoother over time than the pattern of the MVA, as seen in Exhibit 7. For the purpose of projecting the amortization period through 2019 we used six scenarios of various assumed annual rates of investment return, net of investment -related expenses, over the 2016-2019 projection period. The projected amortization periods will not be the same as the actual amortization periods from completed future actuarial valuations but are the result of projected future actuarial valuation results based on the completed December 31, 2015 actuarial valuation. These projections show the expected effects over the next four years after the valuation date (1) of the recognition of the portions of the investment gains and losses over the past four years that are deferred as of December 31, 2015, and (2) of investment returns over the next four years different from the 6.75% assumption used in this valuation. The projected future December 31, 2017 valuation in Scenario 1 reveals that instead of decreasing by the expected two years from 31.6 years to 29.6 years, the amortization period is projected to increase to 36.3 years. The increase two years after that is even more dramatic to 51.3 years. These increases are due primarily to the significant deferred losses from 2014 and 2015 that will be recognized as of December 31, 2017 and 2019. RUDD stip WISDOM, INC. PAGE 2 Scenario 1 2 3 4 5 6 Assumed Investment Return for Calendar Year 2016 6.75% 12.00% 12.00% 12.00% 11.00% 10.00% 2017 6.75 6.75 12.00 0.00 11.00 3.00 2018 6.75 6.75 6.75 6.75 11.00 3.00 2019 6.75 6.75 6.75 6.75 11.00 3.00 2020 and later 6.75 6.75 6.75 6.75 6.75 6.75 Amortization Period in Years as of December 31: 2015 (actual) 31.6 31.6 31.6 31.6 31.6 31.6 2017 (projected) 36.3 30.6 28.3 34.0 29.7 34.6 2019 (projected) 51.3 35.0 26.4 52.3 23.6 64.7 The projected future December 31, 2017 valuation in Scenario 1 reveals that instead of decreasing by the expected two years from 31.6 years to 29.6 years, the amortization period is projected to increase to 36.3 years. The increase two years after that is even more dramatic to 51.3 years. These increases are due primarily to the significant deferred losses from 2014 and 2015 that will be recognized as of December 31, 2017 and 2019. RUDD stip WISDOM, INC. PAGE 2 DE 'roN FIREMEN'S RELIEF ACTUARIAL V SLL A,rioN SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 The primary conclusion from Scenario 1, along with Scenarios 2 and 3, is that unless there are some investment gains in 2016 and 2017 from returns greater than 6.75%, the deferred net loss as of December 31, 2015 will significantly increase the amortization period in the next two valuations. This conclusion is not surprising when you consider that if we had fully recognized the $4.7 million deferred net loss in this actuarial valuation by using the MVA instead of the AVA, the amortization period would have been 55.3 years. One of the characteristics of a well -funded plan like yours is that an amortization period above 30 years is very sensitive to investment gains and losses. For example, Scenario 4 is the same as Scenario 2 except for a projected rate of return of 0% for calendar year 2017. The one adverse year, without any investment gains or losses in the next two years, would result in a projected amortization period of 52.3 years as of December 31, 2019, which is 17.3 years greater than the projected amortization period of 35.0 years in Scenario 2. We do not know what the investment experience will be for each of the next four calendar years. However, these scenarios show the sensitivity of the UAAL amortization period in the next two biennial actuarial valuations to the current deferred net loss, requiring solid gains with a 12% rate of return in 2016 and 2017 to approximately offset the effect of the $4.7 million deferred net loss (Scenario 3) by December 31, 2019. Scenario 5 shows it would take four consecutive years of 11% returns for the amortization period to get below 25 years as of December 31, 2019. Variations in experience from the underlying assumptions, other than investment return, will cause the actual amortization periods to be different from the periods shown above. In addition, the future investment experience in each of the next four years could be better or worse than the assumed rates shown. These scenarios present a range of plausible scenarios for the next two valuations assuming no changes in benefits or in funding policy. The primary conclusion from the scenarios is that since the fund has a deferred net loss in the AVA that will hinder the amortization of the UAAL, the board and the city should start the process of developing and implementing a new funding policy that will lower the amortization period. With the current funding policy, the current amortization period is sensitive to investment losses similar to the ones the fund experienced in 2014 and 2015. We address this subject in more detail in Section III. Participant and Asset Data We have relied on and based our valuation on the active firefighter data, pensioner data, and asset data provided on behalf of the board of trustees by Gary Calmes, who provides administrative services for the board of trustees. We have not audited the data provided but have reviewed it for reasonableness and consistency relative to the data provided for the December 31, 2013 actuarial valuation. Exhibit 1 is a distribution of the active firefighters by age and service. The salaries used for projecting future contributions and RUDD stip WISDOM, INC. PAGE 3 DE 'roN FIREMEN'S RELIEF ACTUARIAL V SLL A,rioN SNIT E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 benefits in the valuation were based on the actual pay for the 2015 calendar year, adjusted to reflect the net effect of the variable pay increases effective in April 2015 and the expectation that overtime would be lower in 2016 than it was in 2015. The total of these salaries is our assumed annualized covered payroll for the plan year beginning January 1, 2016 and is used in the valuation to determine the UAAL amortization period. The averages of the assumed salaries for the 2016 plan year are shown in Exhibit 1. Exhibit 2 contains summary information on the pensioners. The monthly benefit payments are generally based on the amounts paid in December 2015. Exhibit 2A is a reconciliation of firefighters and pensioners from December 31, 2013 to December 31, 2015. Exhibit 3 shows a breakdown of the dollar amount of the monthly benefits for retirees and surviving spouses. Exhibit 4 shows a historical comparison of the actuarial accrued liability and the actuarial value of assets. The summary of assets contained in Exhibit 5 is based on the December 31, 2015 market value of assets contained in the information received from the board. This exhibit also shows a comparison with the market values and actuarial values of assets as of December 31, 2013 and December 31, 2015. Exhibit 5A contains the statement of changes in assets for 2014 and 2015. Exhibit 6 shows the development of the actuarial value of assets. Exhibit 7 shows a historical comparison between the market value and actuarial value of assets. A comparison of the market value asset allocation by asset class as of December 31, 2013 and December 31, 2015 is shown in Exhibit 8. Assumptions As a part of each actuarial valuation, we review the actuarial assumptions used in the prior actuarial valuation. As a result of our review, we have selected actuarial assumptions we consider to be reasonable and appropriate estimates of future experience for the fund for the long-term future. Their selection complies with the applicable actuarial standards of practice. Significant actuarial assumptions used in the valuation are: 1. 6.75% annual investment return net of investment -related expenses; 2. 3% annual general compensation increase plus promotion, step, and longevity increases which average 1.98% per year over a 30 -year career; 3. Retirement rates which result in an average expected age at retirement of 57.0; 4. RP -2000 Combined Healthy Mortality Tables projected to 2024; and 5. City contribution rate averaging 15.5% over the UAAL amortization period. RUDD stip WISDOM, INC. PAGE 4 DE 'roN FIREMEN'S RELIEF ACTUARIAL V SLL A,rioN SNIT E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 The following actuarial assumption changes have been made, and the new assumptions are compared to those used in the December 31, 2013 valuation: 1. The investment return assumption was changed from 7% net of investment -related expenses to 6.75%. We modified the components of the investment return assumption, increasing the assumed net real rate of return from 3.75% to 4.25% and lowering the assumed annual inflation rate from 3.25% to 2.5%. Because of the somewhat lower inflation anticipated in our economy for the long-term future, we think that the 0.75% reduction in the assumed long-term rate of inflation is appropriate. The increase in the assumed net real rate of return is due to the combined effect of (a) the changes in the target asset allocation compared to two years ago (less in fixed income and more in alternatives) and (b) the somewhat higher gross real rate of return assumptions for some of the asset classes compared to two years ago. 2. We changed the general compensation increase from 3.25% per year to 3%, the sum of the revised underlying price inflation assumption of 2.5% plus 0.5% for general compensation increases in excess of inflation, sometimes referred to as productivity, but also as the price of competing for qualified employees. As a result, we also changed the aggregate payroll increase assumption from 3.25% per year to 3%. 3. The assumed average city contribution rate was changed from 17.0% to 15.5% in recognition of (a) the city's policy of contributing the same rate of payroll contributed for the city's other employees under the Texas Municipal Retirement System (TMRS), (b) the expectation for future contribution rates to TMRS to be somewhat lower due to growth in the number of city employees, (c) the long-term effect of TMRS using a closed amortization period (currently 19 years), and (d) the actual city contribution rate in calendar year 2016 (17.41%) and the budgeted rate for calendar year 2017 (17.48%). The effects of these changes in assumptions on the UAAL amortization period are identified in Section II. A summary of all the assumptions and methods used in the valuation is shown in Exhibits 9 and 10. In our opinion, the assumptions used, both in the aggregate and individually, are reasonably related to the experience of the fund and to reasonable expectations. The assumptions represent a reasonable estimate of anticipated experience of the fund over the long-term future. Other Supporting Exhibits Exhibit 11 contains definitions of terms used in this actuarial valuation report. Exhibit 12 summarizes the plan provisions of the Present Plan. RUDD stip WISDOM, INC. PAGE 5 DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A,rioN AND E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 Actuarially Determined Contributions by the City GASB 68 is all about accounting for pensions and did away with the concept of annually required contributions, referred to as the ARC. The GASB made a point of separating their accounting standard for public employee defined benefit plans from the actual funding of those plans. In other words, the city's GASB 68 pension expense will usually be very different from its actual contributions. That is why separate reports are needed each year to provide the required GASB 68 actuarial information. As a result of GASB getting out of the business of providing a funding standard, the PRB recommended in their report to the Texas Legislature at the end of 2014 that actuarial valuation reports for fixed contribution rate plans should disclose contribution levels required for a variety of appropriate amortization periods. Since the preferred range for the UAAL amortization period is 15 to 25 years in the PRB's pension funding guidelines, we have shown the city contribution rate that would have been required beginning January 1, 2016 for amortization periods of 15, 20, and 25 years based on this December 31, 2015 actuarial valuation. Because of the significant deferred net loss of $4.7 million in the AVA, we have used the MVA to determine the UAAL for these actuarially determined contribution rates. In 2015, the Legislature passed HB 3310. It includes a new sentence which requires an actuarial valuation to include a recommended rate needed to have an amortization period for the UAAL that does not exceed 30 years. The city currently contributes the same rate to the fund as it does to its plan in TMRS for other city employees and has for a number of years. Since our assumed continuation of this funding policy results in an actuarially determined amortization period of 31.6 years, we must recommend a different funding policy that would increase the city's contribution rate. Because of the lag between the beginning date for the rates above (January 1, 2016) and an effective date of January 1, 2018 that would give the city time to decide upon and implement a new funding policy, we recommend a fixed city contribution rate effective January 1, 2018 of either (a) 18.5% for an amortization period of 25 years or (b) 20.1% for an amortization period of 20 years or (c) 23.1% for an amortization period of 15 years, all amortization periods determined as of December 31, 2015. RUDD AND WISDOM, INC. PAGE 6 Actuarially UAAL Determined Firefighter Total Amortization Contribution Rate Contribution Contribution Period by the City Rate Rate 15 Years 22.16% 12.60% 34.76% 20 Years 19.75% 12.60% 32.35% 25 Years 18.33% 12.60% 30.93% In 2015, the Legislature passed HB 3310. It includes a new sentence which requires an actuarial valuation to include a recommended rate needed to have an amortization period for the UAAL that does not exceed 30 years. The city currently contributes the same rate to the fund as it does to its plan in TMRS for other city employees and has for a number of years. Since our assumed continuation of this funding policy results in an actuarially determined amortization period of 31.6 years, we must recommend a different funding policy that would increase the city's contribution rate. Because of the lag between the beginning date for the rates above (January 1, 2016) and an effective date of January 1, 2018 that would give the city time to decide upon and implement a new funding policy, we recommend a fixed city contribution rate effective January 1, 2018 of either (a) 18.5% for an amortization period of 25 years or (b) 20.1% for an amortization period of 20 years or (c) 23.1% for an amortization period of 15 years, all amortization periods determined as of December 31, 2015. RUDD AND WISDOM, INC. PAGE 6 DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A,rioN AND E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 Variability in Future Actuarial Measurement Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: • Plan experience differing from that anticipated by the current economic or demographic assumptions; • Increases or decreases expected as part of the natural operation of the methodology used for these measurements; 9 Changes in economic or demographic assumptions; and • Changes in plan provisions. Analysis of the potential range of such future measurements resulting from the possible sources of measurement variability is typically outside the scope of an actuarial valuation for funding purposes. However, we provided projected amortization periods for the next two biennial actuarial valuations under six scenarios. Additional or other sensitivity analysis could be performed in a subsequent report if desired by the board of trustees. Respectfully submitted, RUDD AND WISDOM, INC. 7A" 12. 4-e4Ja,.-r- Mark R. Fenlaw Fellow, Society of Actuaries Member, American Academy of Actuaries Rebecca B. Morris Associate, Society of Actuaries Member, American Academy of Actuaries UDD AND WISDOM, INC. PAGE 7 1. Actuarial present value of future benefits a. Those now receiving benefits or former firefighters entitled to receive benefits b. Firefighters c. Total 2. Actuarial present value of future normal cost contributions 3. Actuarial accrued liability (Item lc —Item 2) 4. Actuarial value of assets 5. Unfunded actuarial accrued liability (UAAL) (Item 3 - Item 4) 6. Contributions (percent of pay) a. Firefighters b. City of Denton (assumed average) c. Total 7. Normal cost (percent of payroll) 8. Percent of payroll available to amortize the UAAL (Item 6c - Item 7) 9. Annualized covered payroll 10. Present annual amount available to amortize the UAAL (Item 8 x Item 9) 11. Years to amortize the UAAL 12. Funded ratio (Item 4 - Item 3)2 $ 36,485,236 79,039,342 $ 115,524,578 $ 39,149,449 89,097,935 $ 128,247,384 $ 35,033,884 $ 38,304,699 $ 80,490,694 $ 89,942,685 $ 62,089,743 $ 72,693,078 $ 18,400,951 12.60% 17.00% 29.60% 21.18% 8.42% $ 17,249,607 12.60% 15.50% 28.10% $ 13,790,301 $ 14,965,362 $ 1,161,143 $ 926,356 24.0 years 31.6 years 77.1% 80.8% i All items are from the December 31, 2013 actuarial valuation and reflect the Present Plan. 2 The funded ratio is not appropriate for assessing either the need for or the amount of future contributions or the adequacy of the assumed contribution rates. Using the market value of assets instead of the actuarial value of assets for Item 12 would have resulted in funded ratios of 82.5% as of December 31, 2013 and 75.6% as of December 31, 2015. RUDD AND WISDOM, INC. PAGE 8 DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A,rioN AND E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 Change in Amortization Period The amortization period, based on the Present Plan provisions, was determined in the actuarial valuation as of December 31, 2013, to be 24.0 years. Since two years have passed since that valuation date, a 22.0 -year amortization period would be expected if all actuarial assumptions had been exactly met, no changes had occurred (other than those expected) in the firefighter and pensioner data, and no changes in assumptions or methods had been made. The amortization period is now 31.6 years based on the same plan provisions. The actual experience occurring between December 31, 2013 and December 31, 2015 differed from the expected experience, and in combination with the changes in assumptions, the resulting amortization period was 31.6 years, which is 9.6 years more than the expected 22.0 -year period for the following reasons: 1. The average annual rate of investment return, net of investment -related expenses, on the market value of assets during the two plan years 2014 and 2015 was 0.8%. However, the actuarial value of assets (AVA) used in the valuation and the determination of the amortization period is based on an adjusted market value. The average annual rate of return on the AVA, net of investment -related expenses, for plan years 2014 and 2015 was 7.8% compared to the assumed rate of return for those years of 7%. This caused a decrease in the amortization period of 2.0 years. 2. The aggregate payroll increased at an average rate of 4.17% per year, compared to the assumed 3.25% per year rate, which caused the amortization period to decrease by 0.5 of a year. 3. The gain from city contributions above the assumed long-term average of 17% in 2014 (18.53%) and 2015 (17.94%) decreased the amortization period by 0.6 of a year. 4. The net result of all experience other than the investment experience, the aggregate payroll experience, and the city contribution rate experience had the combined effect of decreasing the amortization period by 2.7 years. This was primarily the result of lower-than-expected pay increases in the last two years. 5. The change in the assumed average city contribution rate from 17.0% to 15.5% had the effect of increasing the amortization period by 5.3 years. 6. The change in the general compensation increase and aggregate payroll increase assumptions from 3.25% to 3% per year and the decrease in the annual investment return assumption from 7% to 6.75% had the net effect of increasing the amortization period by 10.1 years. RUDD AND WISDOM, INC. PAGE 9 DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A,rioN AND E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 Section III Benefit Improvements The results of this actuarial valuation as of December 31, 2015, reveal that the fund, based on the Present Plan of benefits, has an adequate contribution arrangement. As disclosed in both Sections I and II, the amortization period of the UAAL is 31.6 years. In order for benefit improvements to be made to the plan, they must be made in accordance with Section 7 of TLFFRA, which requires approval of the board, the board's actuarial firm, and the firefighters. The 31.6 -year UAAL amortization period is too high to consider any benefit improvements. In addition, the city's funding policy for the fund should be changed at the appropriate time to be distinct from its funding polity for its TMRS plan for the other city employees. Perhaps then benefit improvements might be possible. One of the key assumptions in the fund's recent actuarial valuations has been the assumed average city contribution rate. For purposes of the valuation of the fund, an assumed rate is used because of the city's policy beginning in 2010 to use the same TMRS contribution rate for the contribution rate for this fund. The city agreed in 2006 to gradually increase its contribution to the fund and in 2010 started to contribute the same rate to the fund as to TMRS. The rate was 15.41% in 2010 and increased to 18.98% in 2013 before starting to gradually decrease each year. So it has been very beneficial for the fund since 2010 for the city's contribution rate to the fund to be the same as for the city's TMRS plan. The significant increases in the city's contribution rate to the fund from the 10% rate during the years 2000 to 2006 have offset the significant investment losses from the 2008 recession and allowed the lowering of the investment return assumption from 7.75%. In spite of this beneficial increase in the city's contribution rate to the fund, we do not believe that the city's linking of their contribution rate to the fund to their rate to their TMRS plan makes good sense for the long-term future for two reasons. • The city's TMRS contribution rate is expected to gradually decrease during the 18 years after 2017 due to anticipated growth in the number of city employees and then to decrease significantly in 2036 because of the TMRS funding policy with a closed amortization period. • Key differences in the work characteristics of firefighters vs. the other city employees indicate a need for a higher total contribution rate for the fund than the TMRS plan in order to have roughly comparable benefits. At some point in the near future, it would be appropriate for the city and the board to begin discussing a distinct funding policy for the fund. In fact, the number one recommendation in the 2014 report from the PRB to the Legislature was that the RUDD AND WISDOM, INC. PAGE 10 DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL V SLL A,rioN AND E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 retirement system sponsor and the system should establish an adequate funding policy. Ideally there should be a formal written policy such as a city council resolution. It is expected that the TMRS rate will drop gradually over the 18 years after the 2017 rate of 17.48% and then drop more significantly to under 11% beginning in 2036. In two years when the fund's December 31, 2017 actuarial valuation is being completed, if the contribution rate to the fund is still tied to the TMRS rate, it is possible that the key finding then would be an inadequate contribution arrangement for the fund. A reason for the need for a higher total contribution rate to your fund than to the TMRS plan is that firefighters have much lower turnover than other city employees. So a higher percent of newly hired firefighters will ultimately qualify for a retirement benefit than will newly hired other city employees. As a result, the cost of firefighter retirement benefits is higher than the cost of comparable retirement benefits for other city employees. A second reason for a higher total contribution rate is that firefighters tend to retire at earlier ages than other city employees because of the physical demands of the job. This also increases the cost of firefighter retirement benefits compared to the cost for other city employees because of a longer period for benefits to be paid. Because of these two work characteristic differences, a reasonable funding policy would be for the city to contribute a fixed rate to the fund that is greater than the current TMRS contribution rate. The firefighters already contribute more to the fund (12.6%) than the other city employees contribute to the TMRS plan (7%). RUDD AND WISDOM, INC. PAGE II LIMMITSMARANUMM AND RE'EIREAIEN'r FUND AS oE' DECEMBER 31, 2015 Exhibit 1 Distribution of Firefighters by Age and Service on December 31, 2015 with Average Annual Salary Years of Age Average Under 60 or Service 25 25-29 30-34 35-39 40-44 45-49 50-54 55-59 Over Total Salary 0 1 5 5 2 0 0 0 0 0 13 $57,846 1 0 0 3 0 0 0 0 0 0 3 61,796 2 2 4 2 0 0 0 0 0 0 8 63,753 3 0 3 5 2 0 0 0 0 0 10 67,847 4 0 4 3 1 0 0 0 0 0 8 69,102 5 0 0 1 1 0 0 0 0 0 2 73,728 6 0 0 1 0 0 0 0 0 0 1 58,631 7 0 0 2 2 1 0 0 0 0 5 81,078 8 0 1 1 3 1 0 0 0 0 6 70,369 9 0 0 4 7 6 1 0 0 0 18 83,421 10 0 0 2 7 2 1 1 0 0 13 86,295 11 0 0 0 3 1 0 0 0 0 4 85,811 12 0 0 1 4 2 0 0 0 0 7 88,525 13 0 0 0 3 0 1 0 0 0 4 94,276 14 0 0 0 0 5 2 0 0 0 7 85,411 15 0 0 0 1 1 0 0 0 0 2 82,556 16 0 0 0 2 10 7 3 0 0 22 91,420 17 0 0 0 0 0 1 0 0 0 1 93,690 18 0 0 0 0 0 3 1 0 0 4 88,312 19 0 0 0 0 1 2 0 0 0 3 85,119 20-24 0 0 0 0 5 16 1 0 0 22 104,286 25-29 0 0 0 0 0 2 4 1 1 8 115,576 30-34 0 0 0 0 0 0 1 1 1 3 115,860 35+ 0 0 0 0 0 0 0 1 1 2 123,259 Totals 3 17 30 38 35 36 11 3 3 176 $85,030 Average 559,782 571,372 Salary 563,317 581,611 Average age 39.6 Average years of service 12.1 Average age at hire 27.5 588,583 5105,711 5106,412 597,879 5120,371 585,030 RUDD AND WISDOM, INC. PAGE 12 LINEWITSMARANIFma SNIP RE,rIREAIE 'r FUND s5 oi,, DECEMBER 31, 2015 Exhibit 2 Summary of Pensioner Data Type of Benefit Pensioner Data Used in December 31, 2015 Valuation Number of Total Monthly Type of Benefit Recipients Benefit Payments Service Retirement' 68 $253,710 Disability Retirement 0 0 Vested Terminated (Deferred)' 2 3,178 Surviving Spouse 12 28,394 Surviving Child 4 2,837 Total 86 $ 288,119 Type of Benefit Comparison of Pensioner Count by Type as of The Prior and Current Actuarial Valuations December 31, 2013 New Ceased December 31, 2015 Service Retirement' 65 +53 -2 68 Disability Retirement 0 0 0 0 Vested Terminated (Deferred)' 2 0 0 2 Surviving Spouse 11 +1 0 12 Surviving Child 5 0 -1 4 Total 83 +6 -3 86 Includes two alternate payees entitled to receive benefits according to the terms of a Qualified Domestic Relations Order as of December 31, 2013, and three alternate payees as of December 31, 2015. 2 Monthly benefit payments are deferred to begin at terminated firefighter's future retirement date. 3 Includes one new alternate payee. RUDD AND WISDOM, INC. PAGE 13 MUMITSMIUMMUMM SNIP RE,rIREAIE 'r FUND AS oi,, DECEMBER 31, 2015 Exhibit 2A Firefighter and Pensioner Reconciliation Includes two alternate payees entitled to receive benefits according to the terms of a Qualified Domestic Relations Order (QDRO). 2 Includes three alternate payees entitled to receive benefits according to the terms of a QDRO. RUDD AND WISDOM, INC. PAGE 14 Firefighters Current Payment Status Vested Terminated Firefighters Total 1. As of December 31, 2013 169 81 I 2 252 2. Change of status a. retirement (4) 4 0 0 b. disability 0 0 0 0 c. death 0 (2) 0 (2) d. survivor payment begins 0 1 0 1 e. withdrawal (7) 0 0 (7) f. vested termination 0 0 0 0 g. completion of payment 0 (1) 0 (1) h. QDRO alternate payee 0 1 0 1 i. net changes (11) 3 0 (8) 3. New firefighters 18 0 0 18 4. As of December 31, 2015 176 84 2 2 262 Includes two alternate payees entitled to receive benefits according to the terms of a Qualified Domestic Relations Order (QDRO). 2 Includes three alternate payees entitled to receive benefits according to the terms of a QDRO. RUDD AND WISDOM, INC. PAGE 14 W, W I 4—j u z lei I I W I 00 r - O CA O CA rA -4-0 W rA 4-4 0 W I UNEWITSMARANIFma SNIP I E,rIREAIE 'r FUND s5 oi,' DECEMBER 31, 2015 Exhibit 5 Summary of Asset Data Asset Type Market Value as of December 31, 2015 Allocation As a Percent of Grand Total Equities $ 66,412,172 Market Value U.S. Large Cap $26,117,860 38.42% U.S. Small/Mid Cap 5,622,331 8.27 International 5,165,252 7.60 Total 36,905,443 54.29 Alternatives Real Estate 8,664,808 12.75 Master Limited Partnership 2,913,644 4.28 Total 11,578,452 17.03 Fixed Income Certificates of Deposit 6,098,095 8.97 U.S. Notes, Bonds, and Obligations 1,879,208 2.77 Bond Index Funds 2,819,850 4.15 Corporate Bonds and Notes 654,529 0.96 Total 11,451,682 16.85 Cash Equivalents 8,041,140 11.83 Grand Total $67,976,7171 100.00% The grand total is the audited amount. All of the invested amounts were provided by the plan administer, Mr. Gary Calmes. The cash equivalents amount is the cash equivalents provided by Mr. Calmes net of the receivables and liabilities in the audited financial report. Comparison of Asset Values as of the Prior and Current Actuarial Valuation Dates December 31, 2013 December 31, 2015 $ 66,412,172 Market Value $ 67,976,717 Actuarial Value $ 62,089,743 $ 72,693,078 Actuarial Value as a Percent of Market Value 93.5% 106.9% RUDD AND WISDOM, INC. PAGE 17 DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL VALU S,rioN AND E,rIREAIE 'r FUND AS oi,, DECEMBER 3I, 2015 Exhibit 5A Statement of Changes in Audited Assets for the Years Ended December 31, 2015 and 2014 12/31/2015 12/31/2014 Additions 1. Contributions a. Employer $ 2,567,219 $ 2,566,875 b. Employees 1,803,064 1,745,419 c. Total $ 4,370,283 $ 4,312,294 2. Investment Income a. Interest and dividends $ 1,673,596 $ 1,646,725 b. Net appreciation in fair value (4,876,182) 2,784,166 c. Total $(3,202,586) $ 4,430,891 3. Other Additions 1.412 49 Total Additions $ 1,169,109 $ 8,743,234 Deductions 4. Benefit Payments a. Monthly benefits $ 3,390,483 $ 3,284,110 b. Lump -sum benefits 657,875 751,899 c. Total $ 4,048,358 $ 4,036,009 5. Expenses a. Investment -related $ 86,014 $ 19,874 b. General administrative 76,538 81,005 c. Total $ 162,552 $ 100,879 Total Deductions $ 4,210,910 $ 4,136,888 Net Increase in Assets $(3,041,801) $ 4,606,346 Market Value of Assets (Plan Net Position) Beginning of Year $71,018,518 $66,412,172 End of Year $67,976,717 $71,018,518 Rate of Return Net of All Expenses (4.73)% 6.51% Net of Investment -Related Expenses (4.62)% 6.63% Gross (4.50)% 6.66% Investment -Related Expenses 0.12% 0.03% RUDD AND WISDOM, INC. PAGE 18 W I cl cl N c0 �, cct U O ct cn O ct O n cn cl O � ct c cncn �. c ct cn cn �5. � to Uct c O � � N N � � C � O � � O Ccn N cn O" O � N cl cn to c cn � N 69 69 't 00 r-- CA t 69 69 69 69 O N 00 00 N N N '~ O M O� r-- �o O NN M M N N C41 69 M Cj 69 69 r -- � N Q O N ~ N N N N M N N M � S•. N � N O l� a1 N tr) M N 01 N Cd NO N 01 — � O � N O't't't 00 �10 0 0 M Q M — 1 06 O � r --- 0000 N C1 00 N r-- C100N� O M M O Q O N � Cd U cn p "> C Q cn w �O Cd 14- O N Cd N N 01 "t � O'� 0 Cd N o 0 O a NIn�,ol�tnM0t M 4 "Cd O N v)—�,oNON 4 NCO Cd N Cd N M 't Cd U N _ _ 0 O1 O r- M cd /G N — 00 01 l� ^ o to O N 00 l- l� O N N - 00 M r 01 M l- O N � 't r -- N Q � � Cd Cd 69 N N N N [� �" s•. � Cd �•/ U > Cd r N r��, cn w 0 W W O ~ p y cd Ocn ' cn • cd r -- cd cn Ncn O cn N r cn n N p O� OLJC N O cn cljcn Cdr O 0 r ) > Cd cn C. N CJ Cd > U U � -�4 y cd t. Cd scd -- cd U L N N N CdCd CIO CIO V M V Cd �w�aaww���x cl cl N c0 �, cct U O ct cn O ct O n cn cl O � ct c cncn �. c ct cn cn �5. � to Uct c O � � N N � � C � O � � O Ccn N cn O" O � N cl cn to c cn � N 69 69 't 00 r-- CA t 69 69 69 69 O N N N C41 Cj 69 69 r -- � N Q O w ~ N N N N M N N M � S•. N � N O U N N Cd NO "cn C,J c� N 0000 Q 41 O N I y Q O N � Cd U cn p "> C Q cn O �O cn 14- O N > Cd 4 "Cd NCO Cd �.� Cd N M 't 69 U N N Q � � N N N N [� 69 69 't 00 r-- CA t 69 69 69 69 O N Cd O ~ N N N N M M � S•. N � N N NO "cn C,J ,1 Q 41 O N I O Cdcd c Cd U cn p "> C Q cn �O cn 14- O N > Cd 4 "Cd N M 't v' 710 W I I O O I 00 W I MY w ki 4-j W ON 4-j EN: W ct U I DE 'I'oN FIIFF.\LEN'S RELIEF ACTUARIAL VALU S,rioN AND E,rIREAIE 'r FUND AS oi,, DECEMBER 31, 2015 Exhibit 9 Actuarial Methods and Assumptions A. Actuarial Methods 1. Actuarial Cost Method The Entry Age Actuarial Cost Method is an actuarial cost method in which the actuarial present value of projected benefits of each active firefighter included in the valuation is allocated as a level percentage of compensation between age at hire and assumed termination. Each active firefighter's normal cost is the current annual contribution in a series of annual contributions which, if made throughout the firefighter's total period of employment, would fund his expected benefits. Each firefighter's normal cost is calculated to be a constant percentage of his expected compensation in each year of employment. The normal cost for the fund is the sum of the normal costs for each active firefighter for the year following the valuation date. The normal cost as a percent of payroll reflects that contributions are made biweekly. The fund's actuarial accrued liability is the excess of the actuarial present value of projected benefits over the actuarial present value of all future remaining normal cost contributions. The unfunded actuarial accrued liability (UAAL) is the amount by which the actuarial accrued liability exceeds the actuarial value of assets. The UAAL is recalculated each time a valuation is performed. Experience gains and losses, which represent deviations of the UAAL from its expected value based on the prior valuation, are determined at each valuation and are amortized as part of the newly calculated UAAL. 2. Amortization Method The UAAL is assumed to be amortized with level percentage of payroll contributions (total assumed contribution rate less normal cost contribution rate) based on assumed payroll growth of 3% per year. The actuarial determination of the amortization period reflects that contributions are made biweekly. 3. Actuarial Value of Assets Method All assets are valued at market value with an adjustment made to uniformly spread actuarial gains or losses (as measured by actual market value investment return vs. expected market value investment return) over a five-year period. The total adjustment amount shall be limited as necessary such that the actuarial value of assets shall not be less than 90% of market value nor greater than 110% of market value. See Exhibit 6. UDD AND WISDOM, INC. PAGE22 DE 'roN FIREMEN'S RELIEF ACTUARIAL VALU S,rioti SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 B. Actuarial Assumptions As a part of each actuarial valuation, we review the actuarial assumptions used in the prior actuarial valuation. The investment return assumption is reviewed using the building block approach that includes several asset allocations, assumed real rates of return for each asset class, an assumed rate of investment -related expenses, and an assumed rate of inflation, with all assumptions for the long-term future. Our economic assumptions are influenced both by long-term historical experience and by future expectations of investment consultants and economists, but we select the economic assumptions and discuss them with the board before completing the actuarial valuation. We review the termination and retirement experience since the prior valuation and periodically look back more than two years. We also periodically review the average salaries by years of service to get insights into the promotion, step, and longevity compensation patterns for the purpose of reviewing our compensation increase assumption. For the mortality assumptions, we use an appropriate published mortality table with projections for improvement beyond the valuation date. We are guided in our review and selection of assumptions by the relevant actuarial standards of practice. As a result of our review, we have selected actuarial assumptions we consider to be reasonable and appropriate for the fund for the long-term future. 1. Investment Return 6.75% per year net of investment -related expenses. 2. Inflation 2.5% per year included in compensation increases and investment return assumptions. 3. Mortalitv Rates RP -2000 Combined Healthy Mortality Table projected to 2024 for males and for females (sex distinct) for all three types of mortality: pre -retirement, post- retirement, and post -disability. 4. Compensation Increases General increases of 3% per year (2.5% inflation plus 0.5% productivity) in addition promotion, step, and longevity increases that average 1.98% per year over a 30 -year career. See Exhibit 10. RUDD stip WISDOM, INC. PDGF 23 DE 'roN FIREMEN'S RELIEF ACTUARIAL VALU S,rioti SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 5. Retirement Rates Age Rate per Year for Firefighters Eligible to Retire 50-53 5% 54-58 15 59-61 30 62-64 50 65 100 The average expected retirement age for firefighters under age 50 based on these rates is 57.0. 6. RETRO DROP Election a. Percent of firefighters eligible electing RETRO DROP: 100% of service retirements eligible to elect at least a 12 -month lump sum. b. Months assumed for lump sum: Maximum they are eligible for, up to 48 months. 7. Withdrawal Rates See Exhibit 10. 8. Disability Rates See Exhibit 10. 9. Reduction in Benefit after 2�/z Years of Disability Retirement 45% weighted average reduction in benefit. 10. Percent Married 90% of the firefighters are assumed to be married at retirement, disability, or death while employed, with male firefighters having a spouse two years younger and female firefighters having a spouse two years older. We use actual spouse data once a monthly benefit is being paid. RUDD stip WISDOM, INC. PDGF 24 DE 'roN FIREMEN'S RELIEF ACTUARIAL VALU S,rioti SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 11. Payment Form for Retirement Benefits Due to Service Retirement, Disability Retirement, or Vested Termination • Joint and 2/3 to surviving spouse for the 90% assumed to be married • Life annuity for the 10% assumed to be single To the extent optional forms of payment are elected and the amounts are determined under an actuarial basis which differs from the basis used in the valuation, actuarial gains or losses will occur. These gains or losses are expected to be very small and will be recognized through the valuation process for those retiring since the prior valuation who made an optional election. 12. Surviving Child's Death Benefit None are assumed as a result of future deaths. 13. Firefighters' Contribution Rate 12.60% of covered pay. 14. City's Assumed Average Contribution Rate 15.50% of covered payroll. 15. Covered Payroll for First Year Following Valuation Date Actual (or annualized) pay for 2015 with an adjustment of 1.5% for each firefighter to reflect the net effect of (a) the variable pay increases effective in April 2016 and (b) the expectation that overtime would be lower in 2016 than it was in 2015. 16. General Administrative Expenses The expenses paid by fund assets for other than investment -related expenses are assumed to be 0.55% of payroll. The normal cost rate as a percent of payroll is assumed to be 0.55% of payroll higher to reflect these expenses. RUDD stip WISDOM, INC. PAGE25 UUMITSMATrANIFma AND RE,rIREAIE 'r FUND AS oi,, DECEMBER 31, 2015 Exhibit 10 Disability and Withdrawal Rates per 1,000 Active Members Compensation Increases by Years of Service Disability Rates Withdrawal Rates Compensation Increases Years of Years of Increase Attained Age Rate Service Rate Service Percent 20 0.14 0 60 1 9.18% 21 0.15 1 54 2 9.18 22 0.16 2 48 3 9.18 23 0.17 3 42 4 9.18 24 0.18 4 37 5 9.18 25 0.19 5 32 6 6.09 26 0.21 6 27 7 6.09 27 0.23 7 24 8 6.09 28 0.25 8 21 9 6.09 29 0.28 9 19 10 6.09 30 0.31 10 17 11 6.09 31 0.35 11 14 12 6.09 32 0.40 12 12 13 6.09 33 0.45 13 11 14 6.09 34 0.49 14 10 15 6.09 35 0.52 15 9 16 3.00 36 0.54 16 9 17 3.00 37 0.57 17 8 18 3.00 38 0.62 18 8 19 3.00 39 0.73 19 8 20 3.00 40 0.92 20 & Over 0 21 3.00 41 1.14 22 3.00 42 1.32 23 3.00 43 1.48 24 3.00 44 1.73 25 3.00 45 2.09 26 3.00 46 2.55 27 3.00 47 2.98 28 3.00 48 3.34 29 3.00 49 3.62 30 3.00 50 3.79 31 & Over 3.00 51 3.92 52 4.04 53 4.24 54 4.56 55 & Over 0.00 RUDD AND WISDOM, INC. P AGE 26 DE 'roN FIREMEN'S RELIEF ACTUARIAL VALU S,rioti SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 Exhibit 11 Definitions 1. Actuarial Accrued Liability That portion, as determined by the particular actuarial cost method used, of the Actuarial Present Value of future pension plan benefits as of the Valuation Date that is not provided for by the Actuarial Present Value of future Normal Costs. 2. Actuarial Assumptions Assumptions as to the occurrence of future events affecting pension costs, such as: mortality, termination, disablement and retirement; changes in compensation; rates of investment earnings and asset appreciation; and other relevant items. 3. Actuarially Equivalent Of equal Actuarial Present Value, determined as of a given date with each value based on the same set of Actuarial Assumptions. 4. Actuarial Gain (Loss) A measure of the difference between actual experience and that expected based on the Actuarial Assumptions during the period between two Actuarial Valuation dates, as determined in accordance with the particular actuarial cost method used. 5. Actuarial Present Value The value of an amount or series of amounts payable or receivable at various times, determined as of a given date (the Valuation Date) by the application of the Actuarial Assumptions. 6. Actuarial Valuation The determination, as of a Valuation Date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets and related Actuarial Present Values for a pension plan. 7. Actuarial Value of Assets The value of cash, investments and other property belonging to a pension plan, as determined by a method and used by the actuary for the purpose of an Actuarial Valuation. RUDD stip WISDOM, INC. PAGE27 DE 'roN FIREMEN'S RELIEF ACTUARIAL VALU S,rioti SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 8. Entry Age Actuarial Cost An actuarial cost method under which the Actuarial Method Present Value of the Projected Benefits of each individual included in the Actuarial Valuation is allocated as a level percentage of earnings between entry age and assumed termination. The portion of this Actuarial Present Value allocated to a valuation year is called the Normal Cost. The portion of this Actuarial Present Value not provided for at a Valuation Date by the Actuarial Present Value of future Normal Costs is called the Actuarial Accrued Liability. Under this method, Actuarial Gains (Losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability. 9. Plan Year A 12 -month period beginning January 1 and ending December 31. 10. Normal Cost That portion of the Actuarial Present Value of pension plan benefits that is allocated to a valuation year by the actuarial cost method. 11. Projected Benefits Those pension plan benefit amounts that are expected to be paid at various future times according to the Actuarial Assumptions, taking into account such items as the effect of advancement in age and past and anticipated future qualified service. 12. Overfunded Actuarial The excess, if any, of the Actuarial Value of Assets Accrued Liability over the Actuarial Accrued Liability. 13. Unfunded Actuarial The excess, if any, of the Actuarial Accrued Liability Accrued Liability over the Actuarial Value of Assets. 14. Valuation Date The date upon which the Normal Cost, Actuarial Accrued Liability and Actuarial Value of Assets are determined. Generally, the Valuation Date will coincide with the end of a Plan Year. 15. Years to Amortize the The period is determined in each Actuarial Valuation Unfunded Actuarial as the number of years, beginning with the Valuation Accrued Liability Date, to amortize the Unfunded Actuarial Accrued Liability with a level percent of payroll that is the difference between the expected total contribution rate and the Normal Cost contribution rate. RUDD stip WISDOM, INC. PAGE28 MUMITSMARANIFma SNIP I E,rIREAIE 'r FUND s5 oi,, DECEMBER 3I, 2015 Exhibit 12 Summary of Present Plan 1. Normal Service Retirement Monthly Benefit as a Percent of Highest 36 -Month Average Salary for Each Year of Service 2. Normal Service Retirement Eligibility (Minimum) 3. Retroactive Deferred Retirement Option Plan (RETRO DROP) (a) Earliest RETRO DROP benefit calculation date (b) Maximum RETRO DROP benefit accumulation period (c) Earliest employment termination date with maximum RETRO DROP accumulation period (d) RETRO DROP lump sum includes (i) Monthly benefits that would have been received between RETRO DROP benefit calculation date and end of month of termination of employment, (ii) accumulated contributions made by the firefighter after the RETRO DROP benefit calculation date, and (iii) no interest 2.59% Age 50 and 20 Years Age 52 and 22 Years 48 Months Age 56 and 26 Years 4. Initial Disability Retirement Monthly Benefit as a Percentage of Highest 36 -Month Average Salary (a) Minimum percentage 51.80% (b) Additional percentage for each year of service in excess of 20 years 2.59% 5. Disability Retirement Monthly Benefit for Firefighters Who Become Totally Disabled while Employed (a) For initial 30 -month period, is (i) plus (ii) if not able to perform job in fire department (i) Minimum monthly amount based on 20 years (ii) Additional monthly amount per year of service in excess of 20 years (b) Following initial 30 -month period, is the greater of (i) and (ii) (i) Initial benefit reduced by the portion of the initial benefit equal to estimated annual residual earning capacity divided by annual base earnings (ii) Initial benefit multiplied by percentage of disability (c) Upon attaining eligibility for normal retirement, the member's vested retirement benefit becomes payable if the disability benefit has been reduced or terminated RUDD ND WISDOM, INC. PAGE29 DE 'roN FIREMEN'S RELIEF ACTUARIAL VALU S,rioti SNIT E,rI ERIE 'r FUND AS oi,, DECEMBER 3I, 2015 6. Vested Terminated Benefit Eligibility (Benefit Deferred to Normal Retirement Age) 10 Years 7. Surviving Spouse's Monthly Death Benefit as a Percent of Highest 36 -Month Average Salary for Each Year of Service for Death while an Active Firefighter (a) Minimum percentage 34.53% (b) Additional percentage for each year of service in excess of 20 years 1.73% 8. Surviving Spouse's Monthly Death Benefit as a Percent of Highest 36 -Month Average Salary for Each Year of Service for Death while Eligible to Retire as an Active Firefighter 2.59% x 96% 9. Surviving Children's Monthly Benefit as a Percent of Surviving Spouse's Benefit (a) When the spouse is receiving a benefit, for each child 20% (b) When the spouse is not receiving a benefit or there is no spouse 100% 10. Contributions as a Percent of Payroll by: (a) Firefighters 12.60% (b) Assumed average for City of Denton 15.50% 11. The normal form of annuity payment at retirement is a Joint and Two -Thirds to Surviving Spouse, and payment is the first day of each month. 12. A Social Security Leveling Option optional form of payment is available to firefighters eligible for a service retirement benefit and to surviving spouses of firefighters who die while employed where the surviving spouse is between ages 45- 60. A Joint and 100% to Surviving Spouse Optional form of payment and a Joint and 50% to Surviving Spouse are also available to firefighters eligible for a service retirement benefit. 13. Salary used to determine the Highest 36 -Month Average Salary includes all elements of pay except for (a) lump sum distributions upon termination for unused sick leave or vacation and (b) overtime pay earned after June 13, 2007 for special deployments in excess of $2,000 per biweekly pay period. The average is based on the highest consecutive 78 biweekly pay periods during active participation in the fund. 14. Refund of firefighters' accumulated contributions without interest will be made to firefighters who terminate employment and either are not eligible for any other benefit from the fund or request a refund from the fund. 15. A lump sum death benefit will be payable upon the death of a participating member of the fund in an amount equal to the current annual salary of the participating member. RUDD stip WISDOM, INC. PDGF 3Q Date: July 29, 2016 INFORMAL STAFF REPORT TO MAYOR AND CITY COUNCIL SUBJECT: Report No. 2016-059 Update regarding the funded status and funding progress of the Texas Municipal Retirement System (TMRS) and the Denton Firemen's Relief and Retirement Plan (DFRRP). EXECUTIVE SUMMARY: As part of recent budget discussions, the City Council requested information on two items related to the City's pension plans. First, the Council requested information regarding the "funding ratio", and the plan to increase this to 100% over time. Secondly, the Council asked how relatively low investment returns over the past year have impacted the economic viability of the plans. The purpose of this report, therefore, is to answer these questions and provide additional background information on the City's pension plans. BACKGROUND: The City of Denton participates in two separate pension plans. The DFRRP covers firefighters in the Denton Fire Department. The TMRS plan covers all other City of Denton employees with the exception of temporary positions. TMRS Overview: TMRS was created in 1948 by the Texas Legislature. TMRS is a hybrid of a defined benefit and defined contribution plan. Under this approach, contributions are defined until the date of retirement. Upon retirement, the value of these contributions and investment earnings define the benefits for the retiree (also known as a cash balance plan). In this way, the unfunded liabilities associated with many defined benefit plans are minimized. While TMRS is a state-wide retirement system, the plan does not receive any state funding. Rather, all funding associated with TMRS is provided by employers, employees, and investment earnings of the system. Further, individual cities determine the level of benefits that will be provided to their retirees. As of December 31, 2015, the TMRS system had 866 cities that participate in the plan. Collectively, these cities have 157,601 employee accounts and 56,481 retirement accounts. The market value of the assets in TMRS is approximately $24.3 billion. Specific information for the City of Denton's TMRS plan is provided in the attached excerpt from the City's Comprehensive Annual Financial Report (CAFR). Page 1 1 Date: July 29, 2016 Investment Performance Report No. 2016-059 The TMRS plan assumes an annual investment return equal to 6.75% of plan assets. However, the actuarial valuation process utilizes asset smoothing techniques to "smooth out" the natural year-to-year fluctuations that are inherent in the investment markets. Below is a history of the TMRS investment rate of returns achieved compared to the stated goal of 6.75%. Over this period, TMRS has achieved an average investment return equivalent to 7.02% (arithmetic average). Note: TMRS began measuring investment returns on a "Total Return" basis in 2008, Prior to this time, investment perfonnance reflected yields on the bond portfolio. Over the past several years, TMRS has taken proactive steps to diversify the investment portfolio to maximize performance. With these changes, the TMRS investment managers believe they will be able to achieve an average 6.75% return over time. There is no guarantee, however, that the system will be able to achieve these rates in the future. If they are not able to do so, the City will have to have higher contribution rates into the plan, alter the level of benefits, or take some other combination of actions. It is important to note that any one year, or even a series of years, of below average investment returns is not a cause for alarm. The TMRS plan is designed to provide benefits for employees and retirees over decades, and as such, a long-term view of investment performance assumptions is the proper way to evaluate the health of the plan. Funded Status and Funding Progress Over the past several years, TMRS has made a number of changes to strengthen and improve its actuarial assumptions. As of December 31, 2014, the City of Denton had a Plan Fiduciary Net Position (Plan Assets) of $318.2 million and a Total Pension Liability of $384.4 million for the TMRS plan. This equates to a Net Pension Liability of $66.2 million and a funded ratio of 82.8%. The Net Pension Liability is being amortized over a period of 20 years in our existing contribution rate, so assuming all assumptions are met, the TMRS plan for Denton will be 100% funded by 2034. However, if investment returns or other economic assumptions are not realized, the fund Page 1 2 Date: July 29, 2016 Report No. 2016-059 will amortize these actuarial differences over a longer period of time, and the full funding of the plan may be extended. DFRRP Overview: The Denton Firemen's Relief and Retirement Plan (DFRRP) covers firefighters in the Denton Fire Department, and the Board of Trustees is the administrator of pension plan. The plan provides service, death, and disability benefits to members, and these benefits fully vest after 20 years of service. The normal service retirement benefit is equal to 2.59% of the highest 36 -month average salary for each year of service under the plan. As of December 31, 2013, the most recent biennial valuation, the plan served 169 active firefighters and 81 retirees or beneficiaries. Additionally, 2 inactive employees are entitled to benefits, but they are currently not yet receiving them. Specific information for the City of Denton's DFRRP is provided in the attached excerpt from the City's Comprehensive Annual Financial Report (CAFR). Investment Performance The annual investment return assumption is 7.00% of plan assets. Like TMRS, the actuarial valuation process utilizes asset smoothing techniques to "smooth out" the natural year-to-year fluctuations that are inherent in the investment markets. Below is a 15 year history of the DFRRP investment rate of returns achieved compared to the stated goal of 7.0%. Over this period, DFRRP has achieved an average investment return equivalent to 5.54% (arithmetic average). While the plan has trailed its investment return assumption, the DFRRP Board of Trustees, and their actuarial consultants, believe they will be able to achieve an average 7.00% return over time. However, there is no guarantee that the DFRRP will be able to achieve these rates in the future. If they are not able to do so, the plan will need to alter the level of benefits or request a higher contribution rate from its members or the City. Similar to the TMRS plan, it is also important to Page 1 3 Date: July 29, 2016 Report No. 2016-059 note that any one year, or even a series of years, of below average investment returns is not a cause for alarm. The DFRRP is designed to provide benefits for employees and retirees over decades, and as such, a long-term view of investment performance assumptions is the proper way to evaluate the health of the plan. Funded Status and Funding_Pro_ gress As of December 31, 2014, the City of Denton had a Plan Fiduciary Net Position (Plan Assets) of $71.0 million and a Total Pension Liability of $84.9 million for the DFRRP. This equates to a Net Pension Liability of $13.9 million and a funded ratio of 83.7%. The Net Pension Liability is being amortized over a period of 24 years in our existing contribution rate, so assuming all assumptions are met, the DFRRP plan will be 100% funded by 2038. However, if investment returns, or other economic assumptions are not realized, the fund will amortize these actuarial differences over a longer period of time, and the full funding of the plan may be extended. CONCLUSION: Public pensions continue to receive a great deal of media scrutiny. Despite this attention, most public pension plans in Texas continue to be appropriately funded. In Denton's case, both the TMRS and DRFFP plans are well funded and managed responsibly. Going forward, the funding ratios for these plans are expected to improve, and a financially sustainable funding mechanism is in place. As mentioned previously, the purpose of this report is to provide the City Council with additional information regarding the funding status of the TMRS and DFRRP pension plans. Since this report only provides an overview of the pension plans, please let me know if you would like any additional information. EXHIBITS: Exhibit 1: Excerpt from 2015 Comprehensive Annual Financial Report (CAFR) STAFF CONTACT: Bryan Langley, Assistant City Manager (940) 349-8224 bryan.langley2cityofdenton.com Page 14 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 The solid waste fund has provided for a reservation and designation of cash and investments of $6,927,921 at September 30, 2015, and anticipates increasing the reserve in future periods as the closure and post -closure activities are carried out. V. OTHER INFORMATION A. Pension pians Texas Municipal Retirement Plan Plan description The City participates as one of 860 plans in the nontraditional, joint contributory, hybrid defined benefit pension plan administered by the Texas Municipal Retirement System (TMRS). TMRS is an agency created by the State of Texas and administered in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the TMRS Act) as an agent multiple -employer retirement system for municipal employees in the State of Texas. The TMRS Act places the general administration and management of the System with a six -member board of Trustees. Although the Governor, with the advice and consent of the Senate, appoints the Board, TMRS is not fiscally dependent on the State of Texas. TMRS's defined benefit pension plan is a tax -qualified plan under Section 401(a) of the Internal Revenue Code. TMRS issues a publicly -available comprehensive annual financial report (CAFR) obtainable at www.timrs.com. All eligible employees of the city are required to participate in TMRS. Benefits provided TMRS provides retirement, disability, and death benefits. Benefit provisions are adopted by the governing body of the City, within the options available in the state statutes governing TMRS. At retirement, the benefit is calculated as if the sum of the employee's contributions, with interest, and the city -financed monetary credits with interest were used to purchase an annuity. Members may choose to receive their retirement benefit in one of seven payments options. Members may also choose to receive a portion of their benefit as a Partial Lump Sum Distribution in an amount equal to 12, 24, or 36 monthly payments, which cannot exceed 75% of the member's deposits and interest. At the inception of the plan, the city granted monetary credits for service rendered before the plan began (or prior service credits) of a theoretical amount at least equal to two times what would have been contributed by the employee, with interest (3% annual), prior to establishment of the plan. Monetary credits for service since the plan began (or current service credits) are a percent (200%) of the employee's accumulated contributions. In addition, the City grants on annually repeating basis, another type of monetary credit referred to as an updated service credit. This monetary credit is determined by hypothetically recomputing the member's account balance by assuming the current member deposit rate of the City (7%) has always been in effect. The computation also assumes the member's salary has always been the member's average salary — using a salary calculation based on the 36 -month period ending a year before the effective date of calculation. This hypothetical account balance is increased by 3% each year, and increased by the city match currently in effect (200%). The resulting sum is then compared to the member's actual account balance increased by the actual city match and actual interest credited. If the hypothetical calculation exceeds the actual calculation, the member is granted a monetary credit (or Updated Service Credit) equal to the difference between the hypothetical calculation and the actual calculation times the percentage adopted. At retirement, the benefit is calculated as if the sum of the employee's accumulated contributions with interest and the city -financed monetary credits with interest were used to purchase an annuity. The plan provisions also include an annually repeating basis cost of living adjustments for retires equal to 70% of the change in the consumer price index. Members can retire at ages 60 and above with 5 or more years of service or with 20 years of service regardless of age. A member is vested after five years. 58 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 Employees covered by benefit terms At the December 31, 2014 valuation and measurement date, the following employees were covered by the benefit terms: Inactive employees or beneficiaries currently receiving benefits 470 Inactive employees entitled to but not yet receiving benefits 382 Active employees 1,156 Total 2,008 Contributions The contribution rates for employees in TMRS are either 5%, 6%, or 7% of employee gross earnings, and the city matching percentages are either 100%, 150%, or 200%, both as adopted by the City Council. Under the state law governing TMRS, the contribution rate for each city is determined annually by the actuary, using the Entry Age Normal (EAN) actuarial cost method. The actuarially determined rate is the estimated amount necessary to finance the cost of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Employees for the City were required to contribute 7% of their annual gross earnings during the fiscal year. The contribution rates for the City were 18.36% and 17.76% in calendar years 2014 and 2015, respectively. The City's contributions to TMRS for the year ended September 30, 2015 were $13,514,646 and were equal to the required contributions. Net pension liability The City's Net Pension Liability (NPL) was measured as of December 31, 2014, and the Total Pension Liability (TPL) used to calculate the Net Pension Liability was determined by an actuarial valuation as of that date. Actuarial assumptions The Total Pension Liability in the December 31, 2014 actuarial valuation was determined using the following actuarial assumptions: Inflation 3.0% per year Overall payroll growth 3.0% per year Investment Rate of Return 7.0%, net of pension plan investment expense, including inflation Salary increases were based on a service -related table. Mortality rates for active members, retirees, and beneficiaries were based on the gender -distinct RP2000 Combined Healthy Mortality Table, with male rates multiplied by 109% and female rates multiplied by 103%. Based on the size of the City, rates are multiplied by a factor of 100%. The rates are projected on a fully generational basis by scale BB to account for future mortality improvements. For disabled annuitants, the gender -distinct RP2000 Disabled Retiree Mortality Table is used, with slight adjustments. Actuarial assumptions used in the December 31, 2014, valuation were based on the results of actuarial experience studies. The experience study in TMRS was for the period January 1, 2006 through December 31, 2009, first used in the December 31, 2010 valuation. Healthy post-retirement mortality rates and annuity purchase rates were updated based on a Mortality Experience Investigation Study covering 2009 through 2011, and dated December 31, 2013. These assumptions were first used in the December 31, 2013 valuation, along with a change to the Entry Age Normal (EAN) actuarial cost method. Assumptions are reviewed annually. No additional changes were made for the 2014 valuation. The long-term expected rate of return on pension plan investments is 7.0%. The pension plan's policy in regard to the allocation of invested assets is established and may be amended by the TMRS Board of Trustees. 59 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 Plan assets are managed on a total return basis with an emphasis on both capital appreciation as well as the production of income, in order to satisfy the short-term and long-term funding needs of TMRS. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Asset Class Long -Term Expected Real Target Rate of Return Allocation (Arithmetic) 4.80% Domestic Equity 17.5% International Equity 17.5% Core Fixed Income 30.0% Non -Core Fixed Income 10.0% Real Return 5.0% Real Estate 10.0% Absolute Return 5.0% Private Equity 5.0% Total 100.0% Discount rate 6.05% 1.50% 3.50% 1.75% 5.25% 4.25% 8.50% The discount rate used to measure the Total Pension Liability was 7.0%. The projection of cash flows used to determine the discount rate assumed that employee and employer contributions will be made at the rates specified in statute. Based on that assumption, the pension plan's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability. we CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 Changes in the net pension liability Balance at 12/31/2013 Changes for the year: Service cost Interest Change of benefit terms Difference between expected and actual experience Changes of assumptions Contributions - employer Contributions - employee Net investment income Benefit payments, including refunds of employee contributions Administrative expense Other changes Net changes Balance at 12/31/2014 Increase (Decrease) Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a) - (b) $ 360,116,261 $ 294,819,596 $ 65,296,665 10,667,694 - 10,667,694 25,182,941 - 25,182,941 (171,241) - (171,241) - 13,065,763 (13,065,763) - 4,991,415 (4,991,415) - 16,867,596 (16,867,596) (11,387,617) (11,387,617) - - (176,083) 176,083 - (14,477) 14,477 24,291,777 23,346,597 945,180 $ 384,408,038 $ 318,166,193 $ 66,241,845 Sensitivity of the net pension liability to changes in the discount rate The following presents the net pension liability of the City, calculated using the discount rate of 7.0%, as well as what the City's net pension liability would be if it were calculated using a discount rate that is 1 - percentage -point lower (6.0%) or 1 -percentage -point higher (8.0%) than the current rate: 1% Decrease in Current 1% Increase in Discount Rate Discount Rate Discount Rate City's net pension liability $ 125,474,039 $ 66,241,845 $ 18,002,986 Pension pian fiduciary net position Detailed information about the pension plan's Fiduciary Net Position is available in a separately -issued TMRS financial report. That report may be obtained on the Internet at www.tmrs.com. Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions For the year ended September 30, 2015, the City recognized pension expense of $11,132,798. This amount is included as part of personal services expenses. I CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 At September 30, 2015, the City reported deferred outflows of resources and deferred inflows of resources related to TMRS pension from the following sources: Differences between projected and actual investment earnings Contributions subsequent to the measurement date Differences between expected and actual economic experience Total Deferred Outflows Deferred Inflows of Resources of Resources $ 3,015,821 9,839,888 $ 12,855,709 (137,676) $ (137,676) Deferred outflows of resources related to pensions resulting from contributions subsequent to the measurement date of $9,839,888 will be recognized as a reduction of the net pension liability for the measurement year ending December 31, 2015 and the City's fiscal year ending September 30, 2016. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Measurement Year Ended December 31st 2015 $ 720,390 2016 720,390 2017 720,390 2018 720,391 2019 (3,416) Total $ 2,878,145 Pursuant to TMRS policy of conducting experience studies every four years, the TMRS Board at their July 31, 2015 meeting determined they would be changing certain actuarial assumptions including reducing the long-term expected rate of return from the current 7.00% to 6.75% and changing the inflation assumption from 3.0% to 2.5%. Reduction of expected investment return and related discount rate will increase projected pension liabilities. Reducing the inflation assumption reduces liabilities as future annuity levels and future costs of living adjustments are not projected to be as large as originally projected. The actual impact on the City's valuation for December 31, 2015 is not known. Supplemental death benefit fund The City of Denton contributes to a cost-sharing multiple -employer defined benefit group -term life insurance plan known as the Supplemental Death Benefits Fund (SDBF). This is a separate trust administered by the TMRS Board of Trustees and is a voluntary program in which the City elected, by ordinance, to provide group term life insurance coverage to active and retired members. The City may terminate coverage under and discontinue participation in the SDBF by adopting an ordinance before November ls` of any year to be effective the following January Pt Payments from this fund are similar to group term life insurance benefits, and are paid to the designated beneficiaries upon the receipt of an approved application for payment. The death benefit for active employees provides a lump -sum payment approximately equal to the employee's annual salary (calculated based on the employee's actual earnings, for the 12 -month period preceding the month of death). The death benefit for 62 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 retirees is considered an "other postemployment benefit" (OPEB) and is a fixed amount of $7,500. The obligations of this plan are payable only from the SDBF and are not an obligation of, or claim against, the TMRS Pension Trust Fund. Contributions are made monthly based on the covered payroll of employee members of the City. The contractually required contribution rate is determined by an annual actuarial valuation and is based on the mortality and service experience of all employees covered by the SDBF and the demographics specific to the workforce of the City. There is a one-year delay between the actuarial valuation that serves as the basis for the employer contribution rate and the calendar year when the rate goes into effect. The contributions to the SDBF are pooled for investment purposes with those of the Pension Trust Fund described above. The TMRS Act requires the Pension Trust Fund to allocate investment income to the SDBF on an annual basis. The funding policy of the plan is to assure adequate resources are available to meet all death benefit payments for the upcoming year; the intent is not to prefund retiree term life insurance during employees' entire careers. As such, contributions are utilized to fund active member deaths on a pay-as-you-go basis; any excess contributions and investment income over payments then become net assets available for OPEB. The City's contributions to the TMRS SDBF for the fiscal years ended September 30, 2013, 2014, and 2015, were $108,645, $118,782, and $133,686, respectively, which equaled the required contributions each year. Denton Firemen's Relief and Retirement Plan Plan description The City contributes to the retirement plan for firefighters in the Denton Fire Department known as the Denton Firemen's Relief and Retirement Fund (the Fund). The Fund is a single employer, contributory, defined benefit plan. The benefit provisions of the Fund are authorized by the Texas Local Fire Fighters' Retirement Act (TLFFRA). TLFFRA provides the authority and procedure to amend benefit provisions. The plan is administered by the Board of Trustees of the Denton Firemen's Relief and Retirement Fund. The City does not have access to nor can it utilize assets within the retirement plan trust. The Fund issues a stand-alone report pursuant to GASB Statement No. 67, which may be obtained by writing the Denton Firemen's Relief and Retirement Fund at P.O. Box 2375, Denton, Texas 76202. See that report for all information about the plan fiduciary net position. Benefits provided Firefighters in the Denton Fire Department are covered by the Denton Firemen's Relief and Retirement Fund which provides service retirement, death, disability, and withdrawal benefits. These benefits fully vest after 20 years of credited service. Firefighters may retire at age 50 with 20 years of service. A partially -vested benefit is provided for firefighters who terminate employment with at least 10 but less than 20 years of service. If a terminated firefighter has a partially vested benefit, he may retire starting on the date he would have both completed 20 years of service if he had remained a Denton firefighter and attained age 50. As of the December 31, 2013 actuarial valuation date, the plan effective January 1, 2011 provided a monthly normal service retirement benefit, payable in a Joint and Two -Thirds to Spouse form of annuity, equal to 2.59% of Highest 36 -Month Average Salary for each year of service. A retiring firefighter who is at least age 52 with at least 22 years of service has the option to elect the Retroactive Deferred Retirement Option Plan (RETRO DROP) which will provide a lump sum benefit and a reduced monthly benefit. The reduced monthly benefit is based on the service and Highest 36 -Month Average Salary as if he had terminated employment on his selected RETRO DROP benefit calculation date, which is no earlier than the later of the date he meets the age 52 and 22 years of service requirements and the date four years prior to the date he actually retires. Upon retirement, the member will receive, in addition to his monthly retirement benefit, a lump sum equal to the sum of (1) the amount of monthly contributions the member has made to the Fund after the RETRO DROP benefit calculation date plus (2) the total of the monthly retirement benefits the member would have received between the RETRO DROP benefit calculation date and the date he retired under the plan. There are no account balances. The lump sum is calculated at the time of retirement and distributed as soon as administratively possible. 63 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 There is no provision for automatic postretirement benefit increases. The Fund has the authority to provide, and has periodically in the past provided, ad hoc postretirement benefit increases. Employees covered by benefit terms In the December 31, 2013 actuarial valuation, the following numbers of members were covered by the Fund: Inactive employees or beneficiaries currently receiving benefits 81 Inactive employees entitled to but not yet receiving benefits 2 Active employees 169 Total 252 Contributions The contribution provisions of the Fund are authorized by TLFFRA. TLFFRA provides the authority and procedure to change the amount of contributions determined as a percentage of pay by each firefighter and a percentage of payroll by the City. The funding policy of the Denton Firemen's Relief and Retirement Fund requires contributions equal to 12.6% of pay by the firefighters, the rate elected by the firefighters according to TLFFRA. The City currently contributes according to a City ordinance the same percentage of payroll that the City contributes to the Texas Municipal Retirement System for other employees each calendar year. The City contribution rate was 18.53% in calendar year 2014 and 17.94% in calendar year 2015. The December 31, 2013 actuarial valuation includes the assumption that the city contribution rate will average 17.0% over the UAAL amortization period. The costs of administering the plan are paid from the Fund assets. The City's contributions to the Fund for the year ended September 30, 2015 were $2,537,557. Ultimately, the funding policy also depends upon the total return of the Fund's assets, which varies from year to year. Investment policy decisions are established and maintained by the board of trustees. The board selects investments and employs investment managers with the advice of their investment consultant who is completely independent of the investment managers. For the calendar year ending December 31, 2014, the money -weighted rate of return on pension plan investments was 6.63%. This measurement of the investment performance is net of investment -related expenses, reflecting the effect of the timing of the contributions received and the benefits paid during the year. While the contribution requirements are not actuarially determined, state law requires that each change in plan benefits adopted by the Fund must first be approved by an eligible actuary, certifying the contribution commitment by the firefighters and the assumed city contribution rate together provide an adequate contribution arrangement. Using the entry age actuarial cost method, the plan's normal cost contribution rate is determined as a percentage of payroll. The excess of the total contribution rate over the normal cost contribution rate is used to amortize the plan's unfunded actuarial accrued liability (UAAL). The number of years needed to amortize the plan's UAAL is actuarially determined using an open, level percentage of payroll method. Net pension liability The City of Denton's net pension liability was measured as of December 31, 2014, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2013 and rolled forward to December 31, 2014. 64 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 Actuarial assumptions The total pension liability in the December 31, 2013 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.25% per year Overall payroll growth 3.25% per year, plus promotion, step and longevity increases that vary by service Investment Rate of Return 7.0%, net of pension plan investment expense, including inflation Mortality rates were based on the RP -2000 Combined Healthy Mortality Tables for males and for females (sex distinct) projected to 2024 by scale AA. The long-term expected rate of return on pension plan investments is reviewed for each biennial actuarial valuation and was determined using a building-block method in which expected future net real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These components are combined to produce the long-term expected rate of return by weighting the expected future net real rates of return by the target asset allocation percentage (currently resulting in 4.24%) and by adding expected inflation (3.25%). In addition, the final 7.00% assumption was selected by "rounding down" and thereby reflects a reduction of 0.49% for adverse deviation. The target allocation and expected arithmetic net real rates of return for each major asset class are summarized in the following table: Discount rate The discount rate used to measure the total pension liability was 7%. No projection of cash flows was used to determine the discount rate because the December 31, 2013 actuarial valuation showed that expected contributions would pay the normal cost and amortize the unfunded actuarial accrued liability (UAAL) in 24 years. That UAAL was based on an actuarial value of assets that was $4.3 million less than the plan fiduciary net position as of December 31, 2013. Because of the 24 -year amortization period of the UAAL with the lower value of assets, the pension plan's fiduciary net position is expected to be available to make all projected future benefit payments of current active and inactive members. Therefore, the long-term expected rate of return on pension plan investments of 7% was applied to all periods of projected benefit payments as the discount rate to determine the total pension liability. 65 Long -Term Expected Real Target Rate of Return Asset Class Allocation (Arithmetic) Equities Large Cap Domestic 40.0% 5.50% SmalUMid Cap Domestic 10.0% 6.00% International Developed 10.0% 6.00% Alternatives Master Limited Partnerships 6.0% 7.50% Real Estate 4.0% 3.50% Fixed Income 25.0% 1.00% Cash 5.0% 0.00% Total 100.0% Discount rate The discount rate used to measure the total pension liability was 7%. No projection of cash flows was used to determine the discount rate because the December 31, 2013 actuarial valuation showed that expected contributions would pay the normal cost and amortize the unfunded actuarial accrued liability (UAAL) in 24 years. That UAAL was based on an actuarial value of assets that was $4.3 million less than the plan fiduciary net position as of December 31, 2013. Because of the 24 -year amortization period of the UAAL with the lower value of assets, the pension plan's fiduciary net position is expected to be available to make all projected future benefit payments of current active and inactive members. Therefore, the long-term expected rate of return on pension plan investments of 7% was applied to all periods of projected benefit payments as the discount rate to determine the total pension liability. 65 CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 Changes in the net pension liability Balance at 12/31/2014 Changes for the year: Service cost Interest Change of benefit terms Difference between expected and actual experience Changes of assumptions Contributions - employer Contributions - employee Net investment income Benefit payments, including refunds of employee contributions Administrative expense Other changes Net changes Balance at 12/31/2014 Increase (Decrease) Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a) - (b) $ 80,490,694 $ 66,412,172 $ 14,078,522 2,747,253 - 2,747,253 5,685,396 - 5,685,396 - 2,566,875 (2,566,875) - 1,745,419 (1,745,419) - 4,411,066 (4,411,066) (4,036,009) (4,036,009) - - (81,005) 81,005 4,396,640 4,606,346 (209,706) $ 84,887,334 $ 71,018,518 $ 13,868,816 Sensitivity of the net pension liability to changes in the discount rate The following presents the net pension liability of the City of Denton, calculated using the discount rate of 7%, as well as what the city's net pension liability would be if it were calculated using a discount rate that is 1 -percentage -point lower (6%) or 1 -percentage -point higher (8%) than the current rate: 1% Decrease in Current 1% Increase in Discount Rate Discount Rate Discount Rate City's net pension liability $ 24,601,369 $ 13,868,816 $ 4,825,492 Pension pian fiduciary net position The plan fiduciary net position reported above is the same as reported by the Fund. Detailed information about the plan fiduciary net position is available in the Fund's separately issued audited financial statements, which are reported using the economic resources measurement focus and the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Revenues are recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Investments are reported at fair value, the price that would be recognized to sell an asset in an orderly transaction between market participants at the measurement date. Pension expense and deferred outflows of resources and deferred inflows of resources related to pensions For the year ended September 30, 2015, the City recognized pension expense of $2,161,472. This amount is included as part of personal services expenses. CITY OF DENTON, TEXAS NOTES TO BASIC FINANCIAL STATEMENTS (continued) SEPTEMBER 30, 2015 At September 30, 2015, the City reported deferred outflows of resources and deferred inflows of resources related to the Fund from the following sources: Differences between projected and actual investment earnings Contributions subsequent to the measurement date Differences between expected and actual economic experience Deferred Outflows Deferred Inflows of Resources of Resources $ 195,697 1,846,981 Total $ 2,042,678 Deferred outflows of resources related to pensions resulting from contributions subsequent to the measurement date of $1,846,981 will be recognized as a reduction of the net pension liability for the measurement year ending December 31, 2015 and the City's fiscal year ending September 30, 2016. Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized in pension expense as follows: Measurement Year Ended December 31st 2015 2016 2017 2018 Total $ 48,924 48,924 48,924 48,925 $ 195,697 B. Post -employment benefits other than pensions (OPEB) The cost of post -employment healthcare benefits, from an accrual accounting perspective, similar to the cost of pension benefits, should be associated with the periods in which the cost occurs, rather than in the future year when it will be paid. According to the requirements of GASB Statement No. 45 for the fiscal year ended September 30, 2015, the City recognizes the cost of post -employment healthcare in the year the employee services are received, reports the accumulated liability from prior years, and provides information useful in assessing potential demands on the City's future cash flows. Recognition of the liability accumulated from prior years will be amortized over 30 years, the first period commencing with the fiscal year ending September 30, 2008. Plan description The City provides post -employment medical care (OPEB) for retired employees through a single -employer defined benefit medical plan. The plan provides medical benefits for eligible retirees, their spouses and dependents though the City's group health insurance plans, which covers both active and retired members. The benefits, benefit levels, and contribution rates are approved annually by the City management as part of the budget process. Any changes in rate subsidies for retirees are approved by the City Council. Since an irrevocable trust has not been established, the plan is not accounted for as a trust fund. The plan does not issue a separate financial report. 67 CITY OF DENTON, TEXAS REQUIRED SUPPLEMENTARY INFORMATION TEXAS MUNICIPAL RETIREMENT SYSTEM SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS LAST FISCAL YEAR (PREVIOUS YEARS ARE NOT AVAILABLE) Measurement Year 2014 Total pension liability: Service Cost $ 10,667,694 Interest (on the total pension liability) 25,182,941 Changes of benefit terms - Difference between expected and actual experience (171,241) Change of assumptions - Benefit payments, including refunds of employee contributions (11,387,617) Net change in total pension liability 24,291,777 Total pension liability - beginning 360,116,261 Total pension liability - ending (a) $ 384,408,038 Plan fiduciary net position: Contributions - employer $ 13,065,763 Contributions - employee 4,991,415 Net investment income 16,867,596 Benefit payments, including refunds of employee contributions (11,387,617) Administrative expense (176,083) Other (14,477) Net change in plan fiduciary net position 23,346,597 Plan fiduciary net position - beginning 294,819,596 Plan fiduciary net position - ending (b) $ 318,166,193 Net pension liability - ending (a) - (b) $ 66,241,845 Plan fiduciary net position as a percentage of total pension liability Covered employee payroll Net pension liability as a percentage of covered employee payroll 75 82.77% $ 71,025,494 93.26% Exhibit XII CITY OF DENTON, TEXAS REQUIRED SUPPLEMENTARY INFORMATION DENTON FIREMEN'S RELIEF AND RETIREMENT FUND SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS LAST FISCAL YEAR (PREVIOUS YEARS ARE NOT AVAILABLE) Total pension liability: Service Cost Interest (on the total pension liability) Changes of benefit terms Difference between expected and actual experience Change of assumptions Benefit payments, including refunds of employee contributions Net change in total pension liability Total pension liability - beginning Total pension liability - ending (a) Plan fiduciary net position: Contributions - employer Contributions - employee Net investment income Benefit payments, including refunds of employee contributions Administrative expense Other Net change in plan fiduciary net position Plan fiduciary net position - beginning Plan fiduciary net position - ending (b) Net pension liability - ending (a) - (b) Plan fiduciary net position as a percentage of total pension liability Covered employee payroll Net pension liability as a percentage of covered employee payroll 76 Measurement Year 2014 $ 2,747,253 5,685,396 (4,036,009) 4,396,640 80,490,694 $ 84,887,334 $ 2,566,875 1,745,419 4,411,066 (4,036,009) (81,005) 4,606,346 66,412,172 $ 71,018,518 $ 13,868,816 83.66% $ 14,238,486 97.40% Exhibit XIII CITY OF DENTON, TEXAS REQUIRED SUPPLEMENTARY INFORMATION TEXAS MUNICIPAL RETIREMENT SYSTEM SCHEDULE OF CONTRIBUTIONS LAST TEN FISCAL YEARS (Unaudited) Exhibit XIV Notes to Schedule: Actuarial determined contribution rates are calculated as of December 31st and become effective in January, 12 months and a day later. Contributions above do not include contributions into the supplemental death benefit fund. Methods and assumptions used to determine contribution rate for 2015: Actuarial Cost Method (a) (b) (c) (d) 20 Years Asset Valuation Method 10 Year Smoothed Market; 15% Soft Corridor Inflation 3.00% Salary Increases Contributions Investment Rate of Return 7.00% Contributions Experience -based table of rates that are specific to the City's plan of benefits. as a Percentage period 2005 - 2009. in Relation to Contribution of Covered Actuarially the Actuarially Excess Covered Employee Fiscal Determined Determined (Deficiency) Employee Payroll Year Contributions Contributions (b) - (a) Payroll (b)/(d) 2006 5,809,132 5,809,132 - 47,733,949 12.17% 2007 6,267,597 6,267,597 - 49,917,026 12.56% 2008 7,082,769 7,082,769 - 53,908,360 13.14% 2009 9,709,279 7,952,938 (1,756,341) 57,250,108 13.89% 2010 11,194,086 8,849,577 (2,344,509) 59,457,345 14.88% 2011 11,580,085 9,579,358 (2,000,727) 58,139,688 16.48% 2012 11,475,702 10,435,001 (1,040,701) 60,340,212 17.29% 2013 12,174,640 12,171,482 (3,158) 64,940,234 18.74% 2014 12,912,746 12,911,461 (1,285) 69,872,024 18.48% 2015 13,507,272 13,507,272 - 75,379,632 17.92% Notes to Schedule: Actuarial determined contribution rates are calculated as of December 31st and become effective in January, 12 months and a day later. Contributions above do not include contributions into the supplemental death benefit fund. Methods and assumptions used to determine contribution rate for 2015: Actuarial Cost Method Entry Age Normal Amortization Method Level Percentage of Payroll, Closed Remaining Amortization Period 20 Years Asset Valuation Method 10 Year Smoothed Market; 15% Soft Corridor Inflation 3.00% Salary Increases 3.50% to 12.00% including inflation Investment Rate of Return 7.00% Retirement Age Experience -based table of rates that are specific to the City's plan of benefits. Last updated for the 2010 valuation pursuant to an experience study of the period 2005 - 2009. Mortality RP2000 Combined Mortality Table with Blue Collar Adjustment with male rates multiplied by 109% and female rates multiplied by 103% and projected on a fully generational basis with scale BB. 77 CITY OF DENTON, TEXAS REQUIRED SUPPLEMENTARY INFORMATION FIREMEN'S RELIEF AND RETIREMENT FUND SCHEDULE OF CONTRIBUTIONS LAST TEN FISCAL YEARS (Unaudited) (a) (b) (c) (d) Exhibit XV Notes to Schedule: Annual required contributions are not actuarially determined. According to a City ordinance, since January 2010 the City contributes to the Firemen's Relief and Retirement Fund at the same percentage of payroll that the City contributes to the Texas Municipal Retirement System for other employees. The rates are calculated as of December 31st and become effective in January, 12 months and a day later. While the contribution requirements are not actuarially determined, state law requires an actuary certify the assumed City contribution rate is adequate. Methods and assumptions used to contribution adequacy for 2015: Actuarial Cost Method Entry Age Amortization Method Level Percentage of Payroll, Open Remaining Amortization Period 24 Years Asset Valuation Method 5 -year adjusted market value Inflation 3.25% Salary Increases 3.25% general increase, 1.98% for promotion, step, and longevity over 30 -year career Investment Rate of Return 7.00% Retirement Age Average expected age at retirement of 57 Mortality RP -2000 Combined Healthy Mortality Tables projected to 2024 by scale AA 78 Contributions Contributions as a Percentage in Relation to Contribution of Covered Annual the Annual Excess Covered Employee Fiscal Required Required (Deficiency) Employee Payroll Year Contributions Contributions (b) - (a) Payroll (b)/(d) 2006 942,237 942,237 - 9,422,370 10.00% 2007 1,193,993 1,193,993 - 10,854,477 11.00% 2008 1,426,906 1,426,906 - 11,890,880 12.00% 2009 1,747,908 1,747,908 - 12,485,061 14.00% 2010 1,976,419 1,976,419 - 13,070,041 15.12% 2011 2,141,662 2,141,662 - 12,828,446 16.69% 2012 2,253,667 2,253,667 - 12,899,800 17.47% 2013 2,579,453 2,579,453 - 13,629,825 18.93% 2014 2,576,652 2,576,652 - 13,828,070 18.63% 2015 2,535,719 2,535,719 - 14,029,051 18.07% Notes to Schedule: Annual required contributions are not actuarially determined. According to a City ordinance, since January 2010 the City contributes to the Firemen's Relief and Retirement Fund at the same percentage of payroll that the City contributes to the Texas Municipal Retirement System for other employees. The rates are calculated as of December 31st and become effective in January, 12 months and a day later. While the contribution requirements are not actuarially determined, state law requires an actuary certify the assumed City contribution rate is adequate. Methods and assumptions used to contribution adequacy for 2015: Actuarial Cost Method Entry Age Amortization Method Level Percentage of Payroll, Open Remaining Amortization Period 24 Years Asset Valuation Method 5 -year adjusted market value Inflation 3.25% Salary Increases 3.25% general increase, 1.98% for promotion, step, and longevity over 30 -year career Investment Rate of Return 7.00% Retirement Age Average expected age at retirement of 57 Mortality RP -2000 Combined Healthy Mortality Tables projected to 2024 by scale AA 78 Fe 7i I 4 4 a I Q 1 19- N 7:; t4-4 4 O cn `n O cn cn 4.. ¢., •--� cn cn vn 4—Jcn +, N N bap c� !7-i cn ct c� cn O .. cn N cn c by U � c� C), InU In 'Tz� ;..4 c 4-cncn N �>, �, ^ cn c� 4.. u }U N O O O u u0 N a 64 m M cn N a Es Ic a 03 POP ,wqq zol I • U • �J cn O I O Ln I a� a� a� a� tic tic U a� U QJ O QJ '•d oo '-d O I QJ � G1 � H N O +� I � � U 0 ¢ Ln W N � � I c� H cn I a� a� tic U 4� O '•d oo '-d I QJ � 7 N H N 4 4 c� bJJ DO bJJ . � QJ U DO F- Q� � 4� , � � oi"•i Q O QJ 4-J �, O O � v + bJJ DO C) C) S" 4-L S" cn DO +, O x U QJ CU O cd DO `J O O a QJ 4, o N cn 0 � � 4-) � 4-Jc� � � • � O U U S --I DO 1 O U ca� c� o L� ^ QJ O ;-4U cl� DO c� 11-4 O bJJ oN ct O u �d 0=� ct C.) � O ;L)4 4� ;-4 O p Q.) � o c� 4) 4-- C.) 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U v� � bJJ 4-4 N � w o � o 4..,CID Lr) 4 � U J O � � •O U � CL4 �C t o bL V u 7� a� o 3-I Uj U O Oc� Cl, c� cn cn m I 4 4 • �J ill M N N N I IS I O N N E m m Ln u u m m 0 O L 0 0 O L O N � � 0 0 0 Lr) O Lr) M N 0 0 0 E a z 4� 4� III 00 O 00 0 w N N U '5 � 75 75 +� CO75 s -i QJ U CL Lam' CL o J ago 75 P� U O N u CL CL 7�CL 4� cn O 7d U 4-4 n S -I U 4-4 O cn c� 0 CID OCID v �d N O O . ' 4-4 � O 4..O � d N City Hall City of Denton 215 E. McKinney St. - Denton, Texas 76201 www.cityofdenton.com , DENTON Legislation Text File #: ID 17-166, Version: 1 Agenda Information Sheet DEPARTMENT: Human Resources CM/ ACM: Bryan Langley Date: February 14, 2017 SUBJECT Receive a report, hold a discussion, and give staff direction regarding the vacation and sick leave benefits for City of Denton employees. BACKGROUND On September 30, 2016, staff provided Council an informal staff report on the vacation and sick leave benefits for City employees. This informal staff report was in response to a request from Council member Bagheri. After receiving the informal staff report, Council member Bagheri requested a work session to discuss the vacation and sick leave benefits further. As indicated in the informal staff report, as part of its benefit package, the City of Denton offers eligible employees vacation and sick leave. Each benefit is outlined in a City of Denton policy that was approved by the City Council. The policies outline the hours accrued; the carryover amount for vacation or in the case of sick leave, the maximum accrual; and the payout amount when an employee leaves City employment. The Police and Fire policies are in compliance with Chapter 143 of the Texas Local Government Code, and the policies for all other employees are designed to provide a competitive benefit structure which is somewhat consistent with public safety. The September 30, 2016, Informal Staff Report, which provides an summary of the sick and vacation benefits offered to City employees, has been included as an exhibit for this agenda item. A comparison of vacation and sick leave benefits to other cities in the DFW metroplex has also been included as an exhibit for this agenda item. Staff conducted a survey of 10 cities and compiled the information for Council's reference. The information is compiled in several charts in four (4) main categories: -Vacation benefit comparison for full-time, general employees -Vacation benefit comparison for police and fire employees -Sick leave benefit comparison for full-time, general employees -Sick leave benefit comparison for police and fire employees When looking at the charts, it is clear that some aspects of our vacation and/or sick leave benefits are better when comparing to some cities, but are worse when comparing to others. However, when considering both City of Denton Page 1 of 2 Printed on 2/10/2017 povveied by I_egivt9i IN File M ID 17-166, Version: 1 vacation and sick/leave benefits combined, staff feels the City of Denton benefits are competitive to other cities in the metroplex. STRATEGIC PLAN RELATIONSHIP The City of Denton's Strategic Plan is an action -oriented road map that will help the City achieve its vision. The foundation for the plan is the five long-term Key Focus Areas (KFA): Organizational Excellence; Public Infrastructure; Economic Development; Safe, Livable, and Family -Friendly Community; and Sustainability and Environmental Stewardship. While individual items may support multiple KFAs, this specific City Council agenda item contributes most directly to the following KFA and goal: Related Key Focus Area: Organizational Excellence Related Goal: 1.2 Develop a high-performance work force EXHIBITS 1- September 30, 2016 Informal Staff Report 2- Presentation 3- Summary of vacation and sick leave benefits - comparison to other cities Respectfully submitted: Carla Romine Director of Human Resources City of Denton Page 2 of 2 Printed on 2/10/2017 povveied by I_egist9i I;, Date: September 30, 2016 INFORMAL STAFF REPORT TO MAYOR AND CITY COUNCIL SUBJECT: Vacation and sick leave policies for the City of Denton EXECUTIVE SUMMARY: Report No. 2016-084 As part of its benefit package, the City of Denton offers eligible employees vacation and sick leave. Each benefit is outlined in a City of Denton policy that was approved by the City Council. The policies outline the hours accrued; the carryover amount for vacation or in the case of sick leave, the maximum accrual; and the payout amount when an employee leaves City employment. The Police and Fire policies are in compliance with Chapter 143 of the Texas Local Government Code, and the policies for all other employees are designed to provide a competitive benefit structure which is somewhat consistent with public safety. BACKGROUND: During the September 13, 2016, City Council meeting, Councilmember Bagheri requested information about the City's vacation and sick leave benefits. DISCUSSION: The Vacation/Bonus Time (4107.03) and Sick Leave (4111.01) policies outline the accruals, carryover/maximum accrual, and pay out for City of Denton employees. These policies are attached for reference. Police and Fire civil service employees accrue vacation and sick leave in accordance with Chapter 143 of the Texas Local Government Code. Chapter 143 also defines leave balance pay out requirements. Their accruals, carryover, and pay out are as follows: Fire civil service employees working less than a 12 -hour shift and all Police civil service employees • 10 hours of sick leave per month (which equates to 15 days per year), with no maximum accrual. Civil service employees will be paid up to 90 days of accrued sick leave upon termination. • 10 hours of vacation per month (which equates to 15 days per year) but can only carry- over from year to year (on their anniversary date) 320 hours. Any hours over 320 will be lost. Employees can be paid up to 320 hours of accrued vacation time upon termination as long as the employee is not terminated for gross misconduct. Date: September 30, 2016 Report No. 2016-084 Fire civil service employees working a 12 -hour shift • 15 hours of sick leave per month (which equates to 15 days per year), with no maximum accrual. Civil service employees will be paid up to 90 days of accrued sick leave upon termination. • 15 hours of vacation per month (which equates to 15 days per year) but can only carry- over from year to year (on their anniversary date) 480 hours. Any hours over 480 will be lost. Fire civil service employees working a 12 -hour shift are eligible to be paid up to 480 hours of accrued vacation time upon termination as long as the employee is not terminated for gross misconduct. All other regular full-time, non -civil service employees accrue the following: • 8 hours of sick leave per month (which equates to 12 days per year), with a maximum accrual of 720 hours. There is no payout of accrued sick leave for non -civil service employees. • 10 hours of vacation per month (which equates to 15 days per year) but can only carry- over from year to year (on their anniversary date) 320 hours. Any hours over 320 will be lost. Employees can be paid out up to 320 hours of accrued vacation time upon termination as long as the employee is not terminated for gross misconduct. Regular 3/4 and �/z time employees accrue time on a prorated basis. Employees will also accrue bonus time beginning on their 5' year anniversary per the policy. Upon completion of five (5) years of continuous service, each employee shall receive four (4) hours bonus time. For every year of continuous service thereafter, the employee will receive an additional four (4) hours for successive years beyond the fifth anniversary (e.g., 6th year equates to 8 hours; 7th year equates to 12 hours). Fire civil service employees working a 12 -hour shift will accrue 6 hours of bonus time. The above accrual rates have been designed to be somewhat consistent with Police/Fire policies and provide a strong benefit structure which is competitive with other large public and private employers. CONCLUSION: The City of Denton has a long history of providing eligible employees with vacation and sick leave as part of its benefit package. The policies outline the accruals, the carryover/maximum accrual amount, and the payouts upon termination. In the case of civil service employees, our policies are in compliance with Chapter 143 of the Texas Local Government Code. Date: September 30, 2016 Report No. 2016-084 ATTACHMENTS: 1 — Vacation/Bonus Time Policy 2 — Sick Leave Policy STAFF CONTACT: Carla Romine, Director of Human Resources 940-349-8344 Attachment 1 CITY OF DENTON PAGE I OF 6 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE SECTION: HUMAN RESOURCES REFERENCE NUMBER: 107.03 SUBJECT: EMPLOYEE BENEFITS AND SERVICES INITIAL EFFECTIVE DATE: 08/21/84 TITLE: VACATION/BONUS TIME LAST REVISION DATE: 02/05/16 POLICY STATEMENT: Vacation It is the policy of the City of Denton to provide vacation pay and hours to all regular employees who have completed six (6) full months of employment. Vacation hours for eligible employees are accrued on a monthly basis. Pay in lieu of taking vacation is not permitted except upon termination. Only employees who have worked with the City for six (6) full months are entitled to be paid for vacation at termination. An employee is not eligible to use vacation hours until he or she has completed six (6) full months of regular employment. Vacation hours may not be used in advance of the hours being accrued. Vacation time for full-time non -Civil Service employees will be accrued at the rate of ten (10) hours per month of continuous service. The intent of this vacation benefit is to provide time away from the work environment to pursue activities that will promote the well-being of the individual and good physical, mental, and emotional health. In accordance with this provision, all full-time regular employees will be required to take at least five (5) days of vacation per year. Vacation accrual rates for Civil Service employees are covered in the Texas Local Government Code, Chapter 143.046. Bonus Time In addition to regular vacation, the City of Denton also awards bonus time to regular full-time non -Civil Service employees who have completed five (5) continuous years of full-time (part-time employees are not eligible for this benefit) service to the City. Upon completion of five (5) years of continuous service, each employee shall receive four (4) hours bonus time. For every year of continuous service thereafter, the employee will receive an additional four (4) hours for successive years beyond the fifth anniversary. HR/POLICY/107.03 PAGE 2 OF 6 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: VACATION/BONUS TIME REFERENCE NUMBER: 107.03 Example: This award continues until regular full-time service with the City has ended. Bonus time is awarded annually on the employee's anniversary date. Pay in lieu of taking bonus time is not permitted except upon termination. Civil Service employees are eligible for bonus time after the completion of five (5) years of continuous service. Bonus accruals will begin on the fifth anniversary and continue for each year of continuous service. Bonus accrual rates for Civil Service employees are: Police 4 hours per year Fire 4 hours per year for all personnel who do not work 12 -hour shifts 6 hours* per year for personnel who work 12 -hour shifts * [Proration based on twelve (12) hours equal one (1) day which is the calculation used to determine hourly rate.] Bonus accruals are four (4) hours (6 hours for Fire personnel working 12 -hour shifts) per year for every year of continuous service and are awarded annually on the employee's anniversary date. Maximum Carry -Over The maximum allowed carry-over of vacation and bonus time hours is based upon the employee's hire date with the City of Denton as either a regular employee or a civil service employee. Such date is the employee's "anniversary date". The maximum allowed carry-over of vacation and bonus time is 320 hours per year for all non -Civil Service full-time employees, Police Civil Service employees and Fire Civil service employees working less than 12 -hours shifts. Non -Civil Service part-time employees will be permitted a pro -rata maximum accrual (240 hours for three-quarter time employees and 160 hours for half-time employees). Fire Civil Service employees working 12 -hour shifts shall be allowed 480 hours per year. An employee may accrue as many hours of vacation as possible throughout the year; however, it is the employee's responsibility to ensure that his/her accrual is below the maximum allowable hours by the employee's annual anniversary date. ADMINISTRATIVE PROCEDURES: HR/POLICY/107.03 Bonus Award 5th Anniversary 4 Hours 6th Anniversary 8 Hours 7th Anniversary... 12 Hours... This award continues until regular full-time service with the City has ended. Bonus time is awarded annually on the employee's anniversary date. Pay in lieu of taking bonus time is not permitted except upon termination. Civil Service employees are eligible for bonus time after the completion of five (5) years of continuous service. Bonus accruals will begin on the fifth anniversary and continue for each year of continuous service. Bonus accrual rates for Civil Service employees are: Police 4 hours per year Fire 4 hours per year for all personnel who do not work 12 -hour shifts 6 hours* per year for personnel who work 12 -hour shifts * [Proration based on twelve (12) hours equal one (1) day which is the calculation used to determine hourly rate.] Bonus accruals are four (4) hours (6 hours for Fire personnel working 12 -hour shifts) per year for every year of continuous service and are awarded annually on the employee's anniversary date. Maximum Carry -Over The maximum allowed carry-over of vacation and bonus time hours is based upon the employee's hire date with the City of Denton as either a regular employee or a civil service employee. Such date is the employee's "anniversary date". The maximum allowed carry-over of vacation and bonus time is 320 hours per year for all non -Civil Service full-time employees, Police Civil Service employees and Fire Civil service employees working less than 12 -hours shifts. Non -Civil Service part-time employees will be permitted a pro -rata maximum accrual (240 hours for three-quarter time employees and 160 hours for half-time employees). Fire Civil Service employees working 12 -hour shifts shall be allowed 480 hours per year. An employee may accrue as many hours of vacation as possible throughout the year; however, it is the employee's responsibility to ensure that his/her accrual is below the maximum allowable hours by the employee's annual anniversary date. ADMINISTRATIVE PROCEDURES: HR/POLICY/107.03 PAGE 3 OF 6 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: VACATION/BONUS TIME REFERENCE NUMBER: 107.03 L ACCRUAL a. Regular Full -Time Non -Civil Service Employees Vacation time for full-time non -Civil Service employees will be accrued at the rate of five (5) hours on the 1st and 15th of each month of continuous service. b. Regular Part -Time Employees (Includes 1/2 and 3/4 time workers) Part-time employees accrue prorated vacation hours determined by their budgeted pay classification on the 1st and 15th of each month: half time = 2.5 hours; three quarters = 3.75 hours. These employees will not accrue bonus time. Employees holding more than one part-time position may not accrue more vacation hours per month than a full-time employee. (See Part -Time Policy 4106.08). c. Civil Service Employees Vacation accrual rates for Civil Service employees are covered in the Texas Local Government Code, Chapter 143.046. d. Accrual Exceptions Vacation/bonus time will not accrue during an employee's extended unpaid leave of absence (see Family & Medical Leave policy no. 107.04; Off Duty Injury or Illness policy no. 107.05; and Personal Leave Without Pay policy no. 111.08). 11. Employees in Their First Six Months of Employment Upon the completion of six (6) full months of service, regular, full-time non -Civil Service employees will be credited with sixty (60) hours of vacation (earning 10 hours per month) on their 6 -month anniversary date. Part-time employees budgeted to work one-half (1/2) time shall be credited with thirty (30) hours at the completion of six (6) full months of service, and the employees budgeted to work three-quarters (3/4) time shall be credited with forty-eight (48) hours at completion of six (6) full months of service. After completion of six full months, the employee will continue to accrue vacation hours during the 1st and 15th of each month in halved amounts. For example, a full time employee accrues 5 hours of vacation leave on the 1st and 15th of the month, while a half-time employee accrues 2.5 hours of HR/POLICY/107.03 PAGE 4 OF 6 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: VACATION/BONUS TIME REFERENCE NUMBER: 107.03 vacation leave on the 1st and 15th of the month and a three-quarter time employee accrues 3.75 hours of vacation. Vacation and bonus hours can be used during the pay period in which it is accrued. III. SCHEDULING A. The designated supervisor must approve all vacation and bonus time, giving due consideration to the service needs and the ability of the remaining staff to perform the work of the department or division. It is requested that each employee will give his/her supervisor the maximum notice possible. If taking more than one day of approved time, an employee must make the request at least three (3) working days in advance. The circumstances of individual departments (i.e., internal schedules, etc.) may require that more advance notice be necessary in order to arrange such leave. B. Accrual of compensatory time was eliminated in 2009; however, some Civil Service employees still have accumulated compensatory time. The supervisor may require the employee to use compensatory time before the use of vacation time. When considering whether to require the employee to use compensatory time, the supervisor shall take into account whether the employee has more than 320 hours of vacation accruals (480 hours for Civil Service Fire employees) and whether the employee will have the opportunity to reduce his/her vacation/bonus time leave accruals to 320 hours (480 hours for Civil Service Fire employees working a 12 -hour shift), by his/her anniversary date. C. A supervisor may approve one (1) day or less of vacation or bonus time provided: 1. The employee makes his request prior to the start of the affected work shift (unless the emergency arises during the shift). 2. The reason for the request is reasonable and of an emergency nature and does not create an undue hardship on the division. 3. The employee is not requesting to use vacation or bonus time for sick time when the employee has accrued sick leave balances. D. Vacation/bonus time must be taken in minimum intervals of 15 minutes. E. The maximum amount of continuous bonus and/or vacation time which can be granted to an employee at one time is four (4) calendar weeks, unless approved otherwise by the department head. HR/POLICY/107.03 PAGE 5 OF 6 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: VACATION/BONUS TIME REFERENCE NUMBER: 107.03 F. Vacation/bonus time is not to be used in lieu of sick time when the employee has accrued sick leave. IV. Payout Upon Termination A. An employee who terminates employment with the City of Denton can be paid for any accrued vacation hours up to the maximum for non -Civil Service or Civil Service as follows: Non -Civil Service, full-time 320 Non -Civil Service, three quarter -time 240 Non -Civil Service, half-time 160 Police Civil Service 320 Fire Civil Service (other than 12 -hour shifts) 320 Fire Civil Service (12 -hour shifts) 480 B. The payout of vacation time shall be based on the vacation balance of the previous pay date less any time taken in the final pay period. Non -Civil Service employees who fail to successfully complete six (6) full months of employment will not be paid out any vacation. C. Employees terminated for gross misconduct, as determined by the City Manager, will not be paid out accrued vacation time. D. In the event an employee does not return all requested City property within their possession on or before the week of the issuance of the final check, they will not be paid accrued vacation time. V. FINAL PAYMENT - DEATH OF EMPLOYEE An employee who dies while in active employment with the City is entitled to accrued vacation, as any other employee who separates employment. Employees are provided the opportunity to designate a beneficiary for accrued vacation. The person designated as primary beneficiary will be authorized to receive the final employee paycheck covering a deceased employee's accrued vacation benefit up to the maximum outlined in section IV. VI. FAMILY AND MEDICAL LEAVE HR/POLICY/107.03 PAGE 6 OF 6 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: VACATION/BONUS TIME REFERENCE NUMBER: 107.03 Notice requirements for vacation/bonus time approval may be suspended in the event the employee is requesting Family & Medical Leave (policy no. 107.04). Employees who qualify for Family & Medical Leave must comply with all provisions of the Family & Medical Leave policy. VII. MISUSE OF VACATION/BONUS TIME Vacation/bonus time benefits will not be paid for the same time an employee receives sick leave pay, holiday pay, death in the family leave pay or any other paid leave benefit, nor shall an employee be paid vacation/bonus time for absences that are subject to the Sick Leave policy (111.01) when the employee has an accrued sick leave balance. VIII. SEASONAL AND TEMPORARY EMPLOYEES Temporary and seasonal employees shall not earn or accrue vacation/bonus time or be entitled to vacation/bonus time pay upon separation. HR/POLICY/107.03 Attachment 2 CITY OF DENTON POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE PAGE 1 OF 5 SECTION: HUMAN RESOURCES REFERENCE NUMBER: 111.01 SUBJECT: APPROVED LEAVE REVISED EFFECTIVE DATE: 01/01/99 TITLE: SICK LEAVE LAST REVISION DATE: 02/05/16 POLICY STATEMENT: Sick leave is a benefit provided to cover illnesses of the employee or covered dependents, but it is expected that the actual use of sick leave will normally be less than the number of days which are provided per year. Sick leave accruals accumulate to provide the employee coverage for severe or catastrophic illnesses. Although the City provides sick leave accrual at the rate of twelve days per year, excessive absences on the part of the employee may signal a performance problem to the supervisor. Continued use of sick leave at higher than average rates as defined by a department director may create situations within a work group which hamper accomplishment of the tasks. A supervisor may take remedial action by setting attendance goals or enforcing the appropriate disciplinary action. Employees who die while in service of the City or while on authorized military leave of absence shall be paid for all unused sick leave not to exceed 90 working days. Payment shall be made to the estate of the employee or beneficiary of the sick leave benefit, whichever the employee has designated. Employees who leave the service of the City, except as provided for in this paragraph, shall not be paid for unused accrued sick leave. Civil Service employees are an exception to this rule; please see Section V of this policy for full details. ADMINISTRATIVE PROCEDURES: L SICK LEAVE ACCRUAL (NON -CIVIL SERVICE) A. Sick Leave Pay No cash payments will be made for unused sick leave. B. Accrual Sick leave is accrued at the rate of eight hours (8) for regular full-time employees and prorated for regular part-time employees (six (6) hours for three-quarter time employees and four (4) hours for half-time employees) for each month of continuous service (see Policy 4106.08 Regular Part-time Employment). Sick leave hours are accrued on the 1 st and 15th of each month in halved amounts. Page 2 of 5 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: SICK LEAVE REFERENCE NUMBER: 111.01 For example, a full time employee accrues four (4) hours of sick leave on the 15 t and 15' of the month, while a half-time employee accrues two (2) hours of sick leave on the 15 t and 15' of the month. Sick time can be used during the pay period in which it is accrued. Sick leave may not be used before it is accrued. 2. Sick leave may be accumulated up to a maximum of 90 days (720 hours for full time employees; 540 hours for three-quarter time employees; and 360 hours for half time employees). All employees with accrual in excess of 90 days (720 hours) prior to October 1, 1981, may retain all accruals until such accrual is down to 720 hours at which time the accrual can never exceed 720 hours (See Section V for Civil Service Accrual). 3. Sick leave will not accrue during any unpaid leave of absence (see Family & Medical Leave policy no. 107.04; Illness/Off Duty Injury policy no. 107.05; and Personal Leave Without Pay policy no. 111.08). IL NOTIFICATION A. To receive paid sick leave, an employee shall notify the supervisor or authorized representative at least 30 minutes before the time set for beginning of work. B. Employees are required to contact his/her supervisor daily if absent for more than one day, unless otherwise approved by the supervisor. Exceptions would be hospitalization, a prolonged or catastrophic illness, or a determination by the City that the absences qualify as family and medical leave (see Family & Medical Leave policy no. 107.04). C. Employees who become ill during the period of their vacation may request that their vacation be temporarily terminated and that their time be charged to sick leave. A physician's statement will normally be required in such instances. III. CONDITIONS FOR USE A. Sick leave may be used in 15 minute intervals. Official holidays and regular days off shall not count against sick leave. B. Sick leave may be allowed in cases of personal illness, doctor's or dentist's visits, or physical incapacity of the employee. Additionally, sick leave may be used when an employee is required to attend to his/her spouse, child, parent, or dependent who is ill, incapacitated, or incapable of self-care; or, to attend a bona fide counseling session by a qualified counselor. In the case of critical illness or emergency medical situations, sick leave may also be used for immediate family (spouse, father, mother, children, brother, sister, grandchildren, grandparents, father-in-law, mother-in-law, brother-in-law, sister-in-law, son-in-law, daughter- in-law, and grandparent -in-law). For purposes of this policy, a critical illness will be defined as a life-threatening condition. An emergency medical situation will be a medical condition requiring immediate treatment. Page 3 of 5 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: SICK LEAVE REFERENCE NUMBER: 111.01 The City will apply the definitions under the Family and Medical Leave Act to determine familial relationships. C. An employee who is expecting a new child and does not meet the requirements of Family & Medical Leave (policy no. 107.04) may use accrued sick leave as deemed necessary by the attending physician. D. Supervisors may require satisfactory proof of illness or of the need for attending to a family member and may disallow any sick leave in the absence of such documentation. E. After accumulated sick leave has been exhausted, employees may use authorized vacation time. Upon the exhaustion of all paid leave, the pay of an employee shall be discontinued until returning to work unless additional sick time has been approved through the Catastrophic Leave Donation directive (no. 111.05). When absence due to illness exceeds the amount of paid leave earned and authorized, the employee may be eligible for unpaid Family & Medical Leave (no. 107.04) or personal leave without pay (no. 111.08). Employees who qualify for Family & Medical Leave must comply with all provisions of the Family & Medical Leave policy (no. 107.04). For personal leave without pay, a leave of absence form must be submitted and approved. It is the employee's responsibility to provide a doctor's prognosis and an estimated return date so the supervisor can determine whether the position can be left open or filled temporarily based on the following criteria: -length of leave requested -workload requirements -employee's past work record -employee's ability to perform in same position upon return F. After 90 consecutive days of disability, the long-term disability plan will go into effect for all eligible employees who make application. Accrued sick leave may be used in conjunction with long-term disability to meet but not exceed an employee's regular pay. G. Accrued sick leave may be used in conjunction with the workers' compensation plan to meet but not exceed an employee's regular pay (see Policy no. 104.10). H. Sick leave benefits will not be paid for the same time an employee receives holiday pay, death in the family leave pay, vacation/bonus time pay or any other paid leave benefit. When a non-exempt employee works overtime in the same work week sick leave is used, they should only utilize enough sick leave hours to ensure they receive a 40 hour pay check. For example, if an employee takes a full eight (8) hour day of sick leave on Tuesday but works 2 extra hours on Thursday during that same week, the employee should only be docked six (6) hours of sick leave. J. An exempt employee is not subject to salary reductions for absences of less than eight (8) hours Page 4 of 5 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: SICK LEAVE REFERENCE NUMBER: 111.01 use unless he/she has exhausted all accrued leave (reference 29 CFR 541.710). The exempt employee is required to first use accumulated sick and vacation hours. If the employee has no sick or vacation accruals, the employee may be granted discretionary time or may be granted leave without pay. IV. MISUSE OF SICK LEAVE Misuse of sick leave by an employee affects the productivity of other employees in the workgroup, especially those who seek assistance, advice, or guidance from an absent employee. "Misuse" is considered the use of sick leave for that which it was not intended or provided and may constitute a violation of this policy. Examples of "misuse" may include, but are not limited to, the following: -Patterned sick leave usage before and/or after holidays; -Patterned period of sick leave usage before and/or after weekends or regular days off, -Patterned period of sick leave usage after pay days; -Absence following overtime worked; -Absence following denial of a vacation request; -Continued pattern of maintaining zero or near zero leave balances; and/or -Excessive absenteeism — the use of more sick leave than is granted. Leave required by federal or state law such as Family and Medical Leave and Workers' Compensation shall not be considered when determining whether or not there is misuse of sick leave. If a supervisor suspects that an employee is misusing sick leave, the supervisor has the discretion to require a suitable explanation or documentation to determine whether the sick leave was used according to this policy. V. SICK LEAVE PAY AND ACCRUAL (CIVIL SERVICE) A. Sick Leave Pay Upon termination of employment with the City, Civil Service employees may be paid for accrued sick leave up to a maximum of 90 working days. B. Accrual Sick leave is accrued at the following rate for each month of continuous service: 1. Ten (10) hours for Police Civil Service as well as Fire Civil Service working 40 -hour work weeks, with unlimited accrual. 2. Fifteen (15) hours for Fire Civil Service employees working a 12 -hour shifts, with unlimited Page 5 of 5 POLICY/ADMINISTRATIVE PROCEDURE/ADMINISTRATIVE DIRECTIVE (Continued) TITLE: SICK LEAVE REFERENCE NUMBER: 111.01 accrual. Sick leave hours are accrued during the 15 t and 15th of each month in halved amounts. �.t.1"'r N + uu a� O Uu L L LJJ t c O O 00 O CF Q� Y U OO O O OJ 0 •� i O d_0 _C O � C VI L L Q fD L LL d_0 O u > t ~ C c -I lD Q U OJ N i N O U O C N U O Q� * L O N i U OJ O v '� t C U S O > E m .> i L LI 0 ate-+ mj (D O Q GJcccc_ — Q fB U J c E > ,C N O O L O n to O N N aC0 t v O U icI �O i L H C O U O C o c O t N L L ° N t E E v a = w O u +� v M Q N O OJ * N O L Q E O v a > v C O Q) Q O Q N U ,� E W C O ON Q O UO L M E •+' O � >> ) ° f° E Lo V1 U Ccc E N N O .= L O O O N +� > O d_0 �n L i d_0 L cc•— N L N O O 7 C i 7 O F- ?� Q O 00 O u O Z iM Q U L 0) < u +J > C O O m �. 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McKinney St. - Denton, Texas 76201 www.cityofdenton.com , DENTON File #: ID 17-215, Version: 1 Legislation Text Agenda Information Sheet DEPARTMENT: City Manager's Office CM/ ACM: Bryan Langley Date: February 14, 2017 SUBJECT Receive a report, hold a discussion, and give staff direction regarding potential polling locations for the May 6, 2017 election. BACKGROUND On February 7, 2017, the Council expressed interest in adding an additional Election Day polling location in each City voting district. Staff has identified the following 3 potential additional polling locations for the Council's consideration: Pecan Creek Elementary, Fire Station 47, and South Branch Library. As proposed, Districts 1 and 2 would share Pecan Creek Elementary as a second polling location for residents in the southeast area of the City. Voters in each district would be assigned to a specific Election Day polling location based on their County precinct. Voters can continue to vote at any location in Denton County during early voting. Attached as Exhibit 1 is a map of Denton County voting precincts overlaid with the City voting districts. Exhibit 2 shows staff proposed Election Day polling locations by individual precincts. Staff is awaiting confirmation from DISD that Pecan Creek will be available for use in the May election. If the campus is unavailable, staff will bring forward alternative options for Districts 1 and 2. Costs for the three additional polling locations are estimated to be between $15,000 and $30,000, depending on cost-sharing between jurisdictions. EXHIBITS Exhibit 1 - Map of County Voting Precincts Exhibit 2 - Proposed Polling Locations Respectfully submitted: Alison Ream Administrative Services Manager City of Denton Page 1 of 1 Printed on 2/10/2017 povveied by I_egivt9i IN 'tU M3! '••;1'DLI�P3a.•''�• �m r�, v }i o 8 7 w A. wy �® Z r�, v }i o M w o! wy �® Z r�, Proposed Polling Locations by Precinct